Retiree bonus has melted away, purchasing power has plummeted! 'They can't even travel to their hometowns'

Social Security Expert Namık Tan's research shows that the holiday bonus payments for retirees, which began in 2018 at 1,000 lira, have lost significant value due to inflation. According to Tan's data, retirees who could purchase a small sacrificial animal with the holiday bonuses paid during religious holidays six years ago can only afford to buy and consume 4.5 kilograms of meat in 2024.

According to the research, while the bonus amount was not increased at all until 2021, prices rose by 20.30 percent in 2018, 11.84 percent in 2019, and 14.60 percent in 2020. An inflation-adjusted bonus amount should have been 1,542 lira in 2020. However, in 2021, the bonus amount was increased by 10 percent to 1,100 lira and remained fixed until 2023. During this period, price increases were 36.08 percent in 2021 and 64.27 percent in 2022. Accordingly, the bonus amount should have been 3,447 lira in 2022.

In 2023, the bonus amount was increased to 2,000 lira. Namık Tan stated that the retiree bonus, which suffered a real loss in value against price increases between 2018 and 2023, should have been raised to 5,680 TL.

"IT CARRIES NO VALUE IN 2024"

Tan explained the loss of value in the retiree bonus with examples:

"Paying a bonus to retirees before religious holidays in 2018 was a decision that came too late. However, because there is no system for increasing the holiday bonuses, which remain low for retirees, they carry no value in 2024. Retirees who could buy a small sacrificial animal with the bonuses paid during religious holidays in the last six years in 2018 can only buy 4.5 kilograms of meat in 2024. Furthermore, retirees today cannot even travel to their hometowns with their families using these bonuses."

News Source: 12punto