• Home
  • Money
  • What Will Be the Lowest Retirement Pension? How Much Will the Retirement Fund, Bağ-Kur, and SSK Retirement Pension Increase?
Money

What Will Be the Lowest Retirement Pension? How Much Will the Retirement Fund, Bağ-Kur, and SSK Retirement Pension Increase?

2 Mins Read

With 2025 approaching fast, expectations for minimum wage, civil servant, and retiree pension increases are on the rise. Millions of retirees are wondering how much of an increase they will receive starting from January of the new year and when the lowest retirement pension will be determined. The wage increase percentage for millions of civil servants and retirees will be announced in January. The confirmation of the updated wages requires the determination of inflation over a six-month period. So, when will the retiree pension increase take place? How much will the retiree pensions be? Millions of workers, civil servants, and retiree pensions are focused on the January increase. Civil servants, civil servant retirees, and worker retirees will receive an increase based on the six-month wage rate. With September, a three-month inflation rate has appeared. The total inflation for July, August, and September was recorded as 8.92%. Here’s the latest on the 2025 retiree pension increase… Worker retirees have already secured a 8.92% increase. Retirees received a 24.73% increase in June based on a six-month inflation rate. Current retirement pension rates will be clarified in the first week of January 2025. Civil servants and civil servant retirees received a 10% contractual increase in July. They will also receive an inflation difference exceeding this rate based on the six-month inflation. An additional 6% increase will be added on top of the inflation difference from collective bargaining. Civil servants have not qualified to receive the difference as inflation has not exceeded the 10% threshold. Market predictions suggest that the six-month inflation rate could be around 15%. Worker retirees will receive an increase based on the six-month inflation rate. If this scenario materializes, the annual pension increase for retirees will be around 15%. The lowest civil servant retirement pension increased to 17,587 liras in July. Under the same scenario, the lowest monthly pension will increase to 19,521 liras. The lowest retirement pension was set at 12,500 liras as of July. Despite the inflation increase, pensions below this figure were topped up to 12,500 liras. According to current figures, 3,703,180 individuals received the lowest retirement pension. A parliamentary regulation is needed for an increase in the lowest retirement pension. The figure determined by the economic administration is presented to the Turkish Grand National Assembly as a bill. Therefore, the inflation-derived increase rate does not impact the lowest retirement pension.

Comments are closed

Related News