The OVP has been announced, accounts have changed! Here is the rate of increase awaiting retirees in January.

Vice President Cevdet Yılmaz announced the Medium-Term Program, which determines Turkey's 3-year roadmap, without disrupting the current HTML. It is stated that the main goal of the program is to reduce inflation to single digits, and the inflation forecasts have also been updated. According to the MTP data; it is expected that inflation will decrease to 41.5% in 2024, 17.5% in 2025, 9.7% in 2026, and 7% in 2027.

"A 13.45% INFLATION DIFFERENCE WILL COME"

With the update in inflation forecasts, the calculation of retiree increase has also changed. So how much increase will retirees receive in January? Social Security Advisor Emin Yılmaz explained the details to Milliyet. Yılmaz stated, "Our retirees have salary differences twice a year, in January and July, based on the inflation rate. If we abstract the 24.73% portion of 2024, which is the first half of the year, from the updated end-of-year inflation figure of 41.5% in the MTP, I predict that there will be a 13.45% inflation difference".

THERE IS A RISK OF ZERO INCREASE IN SIGHT

Answering the question of how much the lowest retiree pension will be with the changes in the forecasts, Yılmaz made the following evaluations: "The base monthly pension, which was last 10,000 TL, had increased to 12,500 TL. In the past, there was no increase for base pensions below 8,017 TL, including additional payments, due to the risk of zero increase. With the updated 41.5% end-of-year inflation rate in the MTP, if we calculate the TÜFE data for the second half of 2024 at a rate of 13.45%, I predict that our retirees with base pensions below 11,018 TL, including additional payments, will face the risk of zero increase again.

HOW MUCH WILL BE THE LOWEST RETIREE PENSION?

In terms of fairness, I would like to emphasize the necessity of adding 1,681 TL, which is the 13.45% increase difference, to the lowest base monthly pension of 12,500 TL, resulting in a base pension of 14,181 TL. I predict that the lowest retiree pension will reach levels of 14,500 or 15,000 TL due to the absence of fractions in previous base pensions."