Mandatory deduction period begins for salaries: New details on the new pension system!

New regulations regarding the pension system continue to remain on the public agenda. Following the recent change made to the Private Pension System (BES), details regarding the Supplementary Pension System (TES) have begun to become clear.

With the regulation published in the Official Gazette in the first days of January, the state contribution share applied in BES was reduced from 30 percent to 20 percent.

Following this step taken before the long-debated TES, details about the new system, which is planned to be implemented this year, have been reflected to the public.

According to the news in the Sabah newspaper, the Supplementary Pension System was designed as a structure completely separate from the Social Security Institution (SGK). While participation in the system is planned to be mandatory, it is envisaged that a 3 percent deduction will be made from employees' salaries every month.

No lower or upper limit will be set for the deductions. Employees with a monthly net income of 28 thousand 75 TL will also be included in the scope of mandatory participation.

According to the draft regulation, in addition to the 3 percent deduction to be made from the employee's salary, the employer will also contribute at the same rate. It was stated that a 30 percent state contribution will be added on top of these contributions.

The Supplementary Pension System will have a different structure from the current BES application. Participants included in the system will not be able to withdraw their savings whenever they want. Partial access to the accumulated amounts will only be provided in mandatory cases such as pregnancy, military service, and health problems.

While it is stated that the goal is for employees who work in the same workplace for a long time to benefit from the system more advantageously, it is also stated that the savings of employees who change jobs will remain under the guarantee of the system.

ADDITIONAL INCOME MODEL FOR RETIREMENT SALARY

While savings in BES can be received as a lump sum or as a pension, a different model is planned to be applied in TES. In the new system, it is envisaged that a supplementary salary will be paid in addition to the pension granted by the SGK.

RETIREMENT AGE REQUIREMENT IS BEING INTRODUCED

Access to the money accumulated within the scope of the Supplementary Pension System will be tied to the SGK retirement age. Depending on the insurance start date, a gradual age requirement between 58 and 65 for women and 60 and 65 for men is planned to be applied. It will not be allowed to withdraw savings from the system before reaching these ages.

The TES regulation, which is still in preparation, has also found wide repercussions on social media. While many users expressed that they are experiencing financial difficulties due to high inflation, they reacted to the regulation by stating that the 3 percent deduction to be made from salaries will create an additional burden on their budgets.