Expert explains: How much of a raise will the lowest pension receive?

Following the announcement of the March inflation figures, the 3-month inflation adjustment that retirees will receive has been determined.

Only the inflation data to be announced for April, May, and June remains.

So, according to inflation forecasts, how much of a raise will retirees receive, and what are the predictions for the lowest pension? Here are all the details...

According to a report in Milliyet, Social Security Consultant Emin Yılmaz explained everything people are curious about regarding the subject.

Yılmaz made the following statements in his speech:

“The March inflation data announced by TUIK in recent weeks was reported to the markets as 3.16 percent. When we add March to the 6.70 percent in January and the 4.53 percent announced in February, the total 3-month inflation difference has been finalized at 15.05 percent.

3-MONTH RAISE DETERMINED

Thus, the rate of increase that will be applied to our retirees' base pensions has already become clear based on this 15.05 percent figure. For now, our readers can determine this themselves by calculating the 15.05 percent figure on top of their base pensions via e-Devlet.

Of course, I would like to point out that this data does not include a welfare share addition. Normally, by law, our retirees are given a raise based on the inflation rate announced by TUIK. The practice of a welfare share does not exist in our laws, but when we look at the recent pension payments, we observe that the political administration has been providing a welfare share addition.

ACCORDING TO INFLATION FORECASTS, HOW MUCH OF A RAISE WILL RETIREES RECEIVE IN JULY?

Our retirees receive their salary adjustments twice a year, in January and July. For the July salary adjustments, the data for April, May, and June must also emerge. For this reason, we can calculate some data based on forecasts.

The 2024 inflation figure is estimated at 36 percent. Inflation is expected to peak at a level between 70 and 75 percent in May. Through the statements of Treasury and Finance Minister Mehmet Şimşek and the tight fiscal and monetary policies implemented, it is targeted that this figure will subsequently decline due to the base effect and close the year at 36 percent.

I am of the opinion that the six-month inflation figure for 2024 will materialize at the 24 percent level. We observe that a welfare share addition has been made in past periods. In the previous period, we saw that the salaries of civil servants, SSK, and Bağkur retirees were equalized through a welfare share. If inflation is announced as 24 percent, a raise of 18.60 percent will be applied to civil servants and civil servant retirees due to the collective bargaining agreement.

I think that in this period as well, the same rate of raise will be applied to civil servant retirees, SSK, and Bağkur retirees. According to the inflation forecast, a raise of around 24 percent will be applied to retirees.

HOW MUCH WILL THE LOWEST PENSION BE IN JULY?

Regarding pensions, the base salary application was last increased from 7,500 TL to 10,000 TL. In the new raise period, some retirees may not be able to see the inflation differences fully in their salaries due to the base salary application. For this reason, I think the lowest pension will rise from 10,000 TL to a level between 12,500 and 15,000 TL.”

News Source: 12punto