Central Bank's inflation forecasts shape salary raises
The Central Bank of the Republic of Turkey's Survey of Market Participants shows that year-end inflation expectations are rising. This situation directly affects the salary raises of SSK, Bağ-Kur, and civil servant retirees. Here are the new raise rates and details.
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In Turkey, salary increases for millions of civil servants and retirees are determined based on inflation data. Data released by the Turkish Statistical Institute (TÜİK) plays a critical role in these calculations.
While SGK and Bağ-Kur retirees receive raises based on the 6-month inflation difference, salary increases for civil servants and civil servant retirees are determined by a combination of the collective bargaining agreement raise and the inflation difference.
According to the inflation data announced in April, SGK and Bağ-Kur retirees will receive a 13.36 percent raise. For civil servants and civil servant retirees, this rate was determined as 12.29 percent. However, the final raise rates will become clear with the announcement of the May and June inflation figures.
CENTRAL BANK'S NEW FORECASTS
According to the Central Bank of the Republic of Turkey's survey, inflation is expected to be 2.36 percent in May and 1.77 percent in June. These forecasts play an important role in calculating the 6-month inflation difference and reveal new increase rates for retiree and civil servant salaries.
NEW RAISE RATES AND SALARY TABLE
According to the survey results, a 18.09 percent raise is projected for the salaries of SGK and Bağ-Kur retirees. For civil servants and civil servant retirees, this rate is calculated as 16.97 percent. These raises will come into effect in July and will affect the living standards of millions of employees.
The increased salaries for some professional groups will be as follows:
Branch Manager 74,513.40 TL
Civil Servant 51,153.71 TL
Specialist Teacher 65,872.68 TL
Teacher 59,440.71 TL
Chief Superintendent 72,405.71 TL
Police Officer 66,181.48 TL
Specialist Doctor 122,569.03 TL
Nurse 60,035.85 TL
Engineer 76,010.22 TL
Technician 53,027.83 TL
Professor 108,218.36 TL
Research Assistant 71,727.48 TL
Preacher 62,132.30 TL
Lawyer 71,457.99 TL.
TO TAKE EFFECT IN JULY
The salary increases, which will be finalized after the announcement of the June inflation data, will take effect in July. Although the new salary regulations will increase the purchasing power of retirees and civil servants, the cost of living is expected to continue to rise due to the effects of inflation.