Retirement pensions will be underpaid in January: When will the inflation adjustment be paid?

With the arrival of the new year, millions of retirees have begun waiting for the inflation data to be announced by the Turkish Statistical Institute (TÜİK) on January 3.

According to economists' estimates, the inflation adjustment for SSK and Bağ-Kur retirees in the new year will be 17 percent with the announced figure. While whether the government will add a welfare share to this figure is causing debate, the schedule for the process to be carried out for those receiving the lowest retirement pension has emerged.

PENSION DIFFERENCES WILL NOT BE PAID IN JANUARY

According to current legislation, the announced inflation adjustment can be reflected in retirement pensions without the need for any legal regulation.

However, approval from the Grand National Assembly of Turkey (TBMM) is required for a change in the law that determines the lowest retirement pension.

According to the report by Canan Sakarya from Ekonomim, the government plans to complete its work on the lowest retirement pension by the 3rd week of January and pass it through Parliament.

Similar to the schedule applied last year, the change will not affect retirement pensions, which are normally deposited between the 17th and 26th of each month.

Although the inflation adjustment will be added directly to base salaries, the raise differences for those receiving the lowest retirement pension will be reflected in their accounts starting from the following month.

HOW MUCH WILL THE LOWEST RETIREMENT PENSION BE?

The government, which set the minimum wage at 22,104 TL with a 30 percent raise, is opting for lower increases in employee wages in order to strengthen its tight monetary policies with fiscal practices.

While this situation in the economy is expected to apply to retirees as well, it is planned to increase the lowest retirement pension to 15 thousand liras with a 20 percent raise this year.