January raise for pensions is approaching: How much will the lowest pension be?

With the arrival of December, millions of minimum wage earners, retirees, and civil servants are eagerly awaiting the upcoming salary hikes, and the figures for these increases are a subject of great curiosity.

THEY WILL RECEIVE HIKES BASED ON 6-MONTH INFLATION

The minimum wage increase will be determined by the Minimum Wage Determination Commission.

The commission's first meeting is on December 10. For civil servant and retiree raises, inflation will be the deciding factor.

SSK and BAĞ-KUR retirees will receive a raise based on the 6-month inflation rate for the second half of 2024.

Civil servants and civil servant retirees will receive a 6 percent raise from the collective bargaining agreement plus an inflation adjustment for the first half of 2025.

THEY HAVE ALREADY GUARANTEED A 14.57 PERCENT HIKE

Monthly inflation was 3.32 percent in July, 2.47 percent in August, 2.97 percent in September, 2.88 percent in October, and 2.24 percent in November.

Based on the 5-month inflation covering July through November, SSK and BAĞ-KUR retirees have already guaranteed a 14.57 percent raise.

HIKE AMOUNT WILL BE FINALIZED WITH DECEMBER FIGURES

Civil servants and civil servant retirees have already secured a 10.4 percent raise, with a 4.15 percent inflation adjustment added to the 6 percent collective bargaining raise.

The civil servant and retiree raise will be finalized once December inflation is announced.

Inflation for December is expected to come in between 2 and 3 percent.

HOW MUCH WILL THE LOWEST PENSION BE?

This means that inflation, and therefore the retiree raise, is expected to reach the 17-18 percent band.

According to a report in Türkiye Gazetesi, if a raise is applied at these rates, the lowest pension is expected to be a figure between 14,000 and 15,000 lira.