How much will the lowest pension be? What are the potential raise rates?

The latest developments regarding the retiree raise have taken their place on the agenda. Following the announcement of November inflation data, an inflation difference of 14.58 percent for SSK and Bağ-Kur retirees, and 10.41 percent for civil servants and retired civil servants, has been finalized.

In line with this data, SSK and Bağ-Kur members calculating their pensions have begun researching how much of a raise will be applied to their salaries. So, "How much will the lowest pension be and what percentage raise will retirees receive with the inflation difference?" Here are all the details...

RETIREE RAISE STATEMENT FROM PRESIDENT ERDOĞAN

Regarding the retiree raise, the President stated,

"Last year, inflation was 65 percent. This year, we gave a 49 percent raise. As of October, inflation is below 49 percent. In other words, we will complete the year with a figure around 44 percent according to our Central Bank's forecasts. In summary, we will not let our retirees, our civil servants, our minimum wage earners, or any segment of society be crushed by inflation. This was the picture for the last 22 years, it was the same for the last 1 year, and it has not changed within this year."

NOVEMBER INFLATION DATA ANNOUNCED!

With the announcement of November inflation data, an inflation difference of 14.58 percent for SSK and Bağ-Kur retirees, and 10.41 percent for civil servant and retired civil servant salaries, has been finalized.

For SSK and Bağ-Kur retirees, an inflation difference of 14.58 percent has formed as of the July-November period. These retirees will receive a raise in January based on the inflation rate for the July-December period of the year. Based on the 5-month inflation difference, an increase of 14.58 percent has been finalized.

In the Medium-Term Program, 2024 inflation was estimated at 41.5 percent. In line with this inflation forecast, if the inflation for the July–December period of the year realizes at 13.45 percent, this rate will be applied as a raise to SSK and Bağ-Kur pensions in January. In July, an increase of 24.73 percent had been applied to SSK and Bağ-Kur pensions.

HOW MUCH WILL THE LOWEST PENSION BE?

The Central Bank updated its year-end inflation forecast to 44 percent. If inflation reaches 44 percent at the end of the year, the 6-month inflation for the July–December period will be 15.45 percent.

In this case, SSK and Bağ-Kur retirees will receive a 15.45 percent raise in January, which is the inflation rate for the July–December period.

In January 2024, a 49.25 percent raise was applied to SSK and Bağ-Kur pensions, and a 24.73 percent raise was applied in July.

HOW IS THE SGK 4A, 4B, 4C PENSION CALCULATED

The pension calculation process is carried out by the Social Security Institution (SGK) according to specific criteria. Pensions for 4A, 4B, and 4C insured individuals are calculated by taking into account the employment status and premium payments of each. You can utilize the official website of the SGK for this salary calculation process.

To find out your pension, you can visit https://www.turkiye.gov.tr/sosyal-guvenlik-4a-emekli-aylik-bilgisi-hesaplama. Through this platform, you can easily learn how much pension you will receive based on your insurance type and paid premiums.