The retirement system is changing! The details of the upcoming regulation are starting to become clear.

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The reform package, which foresees permanent changes in the retirement system, will be implemented before the end of 2024. To ensure the financial sustainability of the social security system, those who start new insurance will be required to work until a reasonable age. With the changes to be made in the complementary retirement system, these insured individuals will enjoy a more comfortable retirement life.

Since retirement pensions are also based on the number of insurance premium days, they will experience retirement life without concepts such as the lowest retirement pension and base pension. The new retirement system and complementary retirement model, which the economic management has been working on for a while, will be brought to the agenda of the Parliament before the legislative year is completed. With the package, the future rights of employees who start new insurance will be determined. At the same time, solutions will be proposed for the problems of current retirees.

WOMEN 60, MEN 65

In the new system, the number of insurance premium days and the methods of premium payment will change. With the implementation of the new system, it will become mandatory for women to retire at 60 and for men at 65. However, this obligation will only apply to those whose insurance starts after the law comes into effect. In other words, those born mostly in 2000 and later will be subject to this retirement system. Another change in the retirement system will be that everyone will receive a salary based on the number of premium days they have paid. Depending on the application of the premium day basis, concepts such as base retirement pension and minimum retirement pension will also be eliminated for insured individuals who retire in the new period.

SEVERANCE PAY OR SALARY OPTION

For current employees, the complementary retirement system will be expanded. The Automatic Enrollment System will be reviewed again. This system will turn into a second-tier retirement system with the contribution of employers. Complementary retirement will be based on the Automatic Enrollment System, which has been in effect since 2017 and requires employers to include their employees in the individual retirement system. When complementary retirement begins, the Automatic Enrollment System will no longer exist. The complementary retirement system will be managed by retirement companies. When employee retirement comes, they will receive severance pay from their employer under social security and a retirement pension from the state. Additionally, they will also have the right to retire from the complementary retirement system and access their savings or gain a salary right.

DEDUCTIONS FROM EMPLOYEES ON THE AGENDA

One of the models proposed in the new system is the deduction of general health insurance premiums from retired employees. According to this model, insurance premiums will be deducted from more than 2 million retirees who are currently working. It is also on the agenda to make a 12.5% salary deduction from these retirees who continue to receive their retirement pensions. Of the 1 million 797 thousand 390 working retirees, 225 thousand 621 are women and the rest are men.

SOCIAL ASSISTANCE FOR THOSE WHO CANNOT MAKE ENDS MEET

The lowest retirement pension will be set at a certain limit. The Treasury will no longer provide support for the lowest retirement pension. Support will be provided for household-based retirement pensions. The Ministry of Family and Social Policies will provide assistance such as transportation for low-income individuals who cannot make ends meet and have low retirement pensions. Rent assistance will be provided in cash. The reform package that the AK Party is working on is expected to be addressed after the 2025 budget. A gradual transition process is also anticipated.