Warning to BES participants: Final days for the 2024 state contribution!
The deadline to benefit from the maximum state contribution for the Private Pension System (BES) is approaching at the end of December. Participants who contribute a total of 240 thousand liras to BES throughout 2024 will be able to receive 72 thousand liras in state contributions, increasing their savings to 312 thousand liras.
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BES participants benefit from a 30 percent state contribution in addition to the contributions they make to the system. However, the annual upper limit for this contribution cannot exceed the total annual gross minimum wage.
For 2024, the monthly gross minimum wage was set at 20,000 liras, and the annual total at 240,000 liras. Therefore, the state will provide a maximum of 72,000 liras in contributions to a participant.
HIGH STATE CONTRIBUTION FROM BES
According to a report by Hürriyet, those who pay a total of 240,000 liras into BES by the end of the year are eligible for the maximum state contribution of 72,000 liras.
It is not mandatory for payments to be made monthly; for example, someone who reaches 120,000 liras throughout the year by paying 10,000 liras per month into BES can still benefit from the upper limit by depositing the remaining 120,000 liras in a lump sum before the end of December. Similarly, those who deposit 240,000 liras into the system at once can also receive the 72,000 lira state contribution.
Industry representatives issued warnings regarding taking advantage of the state contribution's upper limit, emphasizing that if a BES participant has both their own and their child's BES contracts, they have the opportunity to benefit from the state contribution's upper limit separately for each contract.
THOSE PAYING BY CREDIT CARD SHOULD BE AWARE OF THE BLOCKAGE PERIOD
Industry representatives drew attention to contributions paid to BES via credit card, stating, “Banks may apply blockage periods that can exceed 40 days for contribution payments made by credit card. Contribution payments deducted from credit cards are transferred to the BES account at the end of the blockage period, and the state contribution is calculated as of the transfer date. Those who make their payments by credit card need to pay attention to these blockage periods to benefit from the 2024 state contribution upper limit.”
