July pension hike calculated: How much will the lowest pension be?
According to the Central Bank survey, 6-month inflation is expected to reach 17.08 percent. In this case, the July raise for SSK and Bağ-Kur retirees will be at the same rate. There is talk of increasing the lowest pension from 20,000 TL to 23,416 TL.
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With the 12.19 percent increase granted to SSK and Bağ-Kur retirees at the beginning of January having eroded due to the rapid rise in inflation in the first months of the year, the eyes of millions of retirees are now turned to the raise to be implemented in July. Due to losses in purchasing power, retirees are waiting for their salaries to be revalued.
FIRST RAISE ERODED, EYES ON NEW INCREASE
Economic management provided the first signals regarding the July raise through the Market Participants Survey published by the Central Bank. According to the estimates reflected in the report, the rate of the raise that retirees will receive based on the 6-month inflation difference is beginning to become clear.
DATA FROM THREE MONTHS CHANGED THE PICTURE
According to the interpreted data, the Turkish Statistical Institute announced inflation of 4.84 percent, 2.96 percent, and 1.94 percent for January, February, and March, respectively. Thus, inflation reached a total of 10.04 percent in the first three months. In the Central Bank's expectation survey, an increase of 2.93 percent for April, 1.82 percent for May, and 1.52 percent for June is projected. If these estimates materialize, inflation for the first half of the year will shape up to be 17.08 percent.
THE FIGURE ON THE TABLE: 17 PERCENT RAISE PROBABILITY
In this framework, an increase of 17.08 percent in the salaries of SSK and Bağ-Kur retirees in July is on the agenda. Furthermore, it is stated that since the AKP did not include a welfare share on its agenda during the election process, the option of an additional welfare raise is currently not on the table. Only the inflation difference will be taken into account in determining the raise rate.
HOW MUCH WILL THE LOWEST PENSION BE?
Although it is mandatory under current legislation to reflect this only on base salaries, it is stated that the AKP and MHP are preparing legal regulations to reflect this increase on the lowest pensions as well, as in previous practices. It is calculated that the lowest pension, which is currently 20,000 TL, will rise to 23,416 TL after the potential raise.