Those applying for retirement in 2024 will receive 30-36% more monthly benefits compared to 2025. Approximately 300 thousand individuals are expected to be affected by this situation. Retiree candidates have expedited their steps to submit their applications before the deadline. There had been expectations of adjustments regarding the difference in pensions for some time. Minister of Labor Işıkhan announced that there would be no regulation on this matter. Meanwhile, comparisons were made between retirement pensions in 2024 and the following years. It was calculated that the said difference would be closed within 6 years. Here are the answers to the questions about the 2024-2025 pension gap…Retiree candidates have accelerated their applications due to the 2024-2025 pension difference.
It is estimated that those retiring in 2024 will receive approximately 30-36% more in benefits compared to those retiring in 2025. The pension update coefficient is calculated based on inflation and growth figures. It is calculated by adding 30% of the consumer inflation and growth rate announced by the Turkish Statistical Institute (TÜİK) for each December to the total and then rounding it up. The primary difference in pension amounts is due to inflation and growth rate. The monthly calculation for those retiring in 2024 will be based on a growth rate of 4.5% in 2023 and an inflation rate of 64.77%. Retirees received a 49.25% raise in January and a 24.73% raise in July. The cumulative raise for retirees in 2024 reached 86.16%. The year-end inflation is estimated at 40-44%, while the growth is expected to be 4% in 2025. As a result, the 2024 update coefficient is calculated as 1.8616, whereas the coefficient for 2025 is expected to be around 1.4255. Both private sector employees and public workers who receive their salaries on the 1st of each month can become retirees in 2024 if they submit their retirement request by December 31. Similarly, public workers who receive their pensions on the 14th of each month will be considered 2024 retirees if they submit their retirement request by January 14, 2025. According to these calculations, those retiring in 2024 will receive 30-36% more in monthly benefits compared to 2025. If inflation reaches 38%, the pension difference will be 36%. If inflation is at 42%, the difference will be 32%. An inflation rate of 44% will lead to a 30% difference. If inflation exceeds expectations, the pension difference will decrease. There had been expectations of some adjustments to close the pension gap in public opinion. It was even known that certain formulas were being worked on, calculating their impact on the Treasury. It was alleged that adjustments were being considered for changes in premiums, number of days worked, ad hoc raises, and update coefficients. The latest statements from the economic administration indicate that there will be no update regarding the pension difference. Minister of Labor and Social Security Vedat Işıkhan stated, “There is no issue related to the retirement system or the calculation of retirement benefits on our agenda.” It is expected that approximately 300 thousand individuals will be affected by the 2024-2025 pension gap. Among them, it is mentioned that there are 140 thousand public workers. A report by Turk-Is provided details on the differences in retirement benefits. The report mentions that the equalization of the differences in retirement benefits will continue until the year 2031. In other words, a retiree who paid 12,600 days of premiums in 2024 will only be able to catch up with the monthly amount of a public worker working on average earnings by working an additional 6 years and paying a total of 14,760 days of premiums. The report included a comparison of the requested retirement benefits in 2024 with those that will be requested in the following years as follows: 2024 REQUESTED RETIREMENT BENEFIT: 49,314 TL
IF RETIRED IN 2025: 36,130 TL 2024 REQUESTED RETIREMENT BENEFIT: 56,829 TL IF RETIRED IN 2026: 42,777 TL 2024 REQUESTED RETIREMENT BENEFIT: 61,673 IF RETIRED IN 2027: 48,124 2024 REQUESTED RETIREMENT BENEFIT: 66,577 TL IF RETIRED IN 2028: 55,309 TL 2024 REQUESTED RETIREMENT BENEFIT: 71,250 TL IF RETIRED IN 2029: 62,908 TL 2024 REQUESTED RETIREMENT BENEFIT: 75,516 TL IF RETIRED IN 2030: 70,680 TL 2024 REQUESTED RETIREMENT BENEFIT: 78,952 TL IF RETIRED IN 2031: 78,431 TL