10.09.2025 13:30
The Medium-Term Program (MTP) for the years 2026-2028 has been published in the Official Gazette. The prepared regulation states that the Complementary Pension System (CPS) will be implemented in the second quarter of 2026, and within the scope of this application, a mandatory deduction of 3% will be made from employees' salaries each month.
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The Medium-Term Program, which includes key macroeconomic targets such as inflation, employment, and growth for the years 2026-2028, has been published in the Official Gazette.
One of the most notable items in the program, which compiles macro data such as inflation, exchange rates, and economic growth figures, is the Complementary Pension System (TES).
THE FIRST QUARTER OF 2026 HAS BEEN MARKED
Unlike the currently existing Individual Pension System (BES), the regulation, which is based on mandatory savings for employees and foresees a deduction of 3% from salaries each month, has been marked for the second quarter of 2026.
MANDATORY DEDUCTIONS WILL BE MADE FROM SALARIES
Under the prepared draft, the employer will also be required to contribute to the system in the same proportion as the deductions made from employees' salaries. After the two amounts are combined, a 30% state contribution will be included in the savings pool.
TES WILL BE MANDATORY FOR ALL EMPLOYEES, AND EXITING WILL NOT BE ALLOWED FOR 10 YEARS
The mentioned system will operate completely independently of the Social Security Institution (SGK). Employees will be required to remain in the system for at least 10 years to be able to use the premiums accumulated under TES. To retire through TES, the age requirement will be 58 for women and 60 for men.
WHAT IS TES?
The Complementary Pension System (TES) is an application designed as a second-tier pension model that supports the existing Social Security System. The aim is to ensure that employees have a higher income when they retire and to increase long-term savings.
KEY FEATURES
- Mandatory contribution: Employees, employers, and the state contribute at certain rates.
- Individual account: Contributions accumulate in each employee's individual account.
- Fund management: Accumulated funds are evaluated in retirement investment funds.
- Additional income in retirement: When employees retire, they receive a regular income from TES in addition to their salary.
THE PURPOSE OF TES
- To increase the standard of living during retirement.
- To create resources for the economy by providing long-term fund accumulation.
- To be a complementary element to the existing Individual Pension System (BES).
WHAT IS THE DIFFERENCE FROM BES?
- BES is a voluntary system; TES is designed more as a mandatory/semi-mandatory structure.
- TES offers a second pension income in addition to the social security salary.
- It is broader-based with contributions from employees, employers, and the state together.
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