Central Bank's 'inflation' forecast updated: How much will the raise for retirees and civil servants be?

While the monthly inflation forecast was revised upward in the survey published by the Central Bank yesterday, the annual inflation forecast declined. So, how much will the salaries of civil servants and retirees be? Here is the answer.

As millions of retirees keep their eyes and ears on July, the Central Bank of the Republic of Turkey has published its Market Participants Survey for May.

Accordingly, the expectation for the May CPI increase, which was 3 percent last month, rose to 3.04 percent in this survey period. The expectation for the CPI increase at the end of the current year decreased from 44.16 percent to 43.64 percent. The expectation for the CPI increase 12 months ahead fell from 35.17 percent to 33.21 percent, and for 24 months ahead from 22.05 percent to 21.33 percent.

In April, inflation stood at 3.18 percent, while the four-month inflation difference emerged as 18.72 percent. Attention has now shifted to the May and June inflation data to determine the salary increase rate for civil servants and retirees.

HOW MUCH WILL RETIREE PENSIONS BE?

According to a report by NTV, based on estimates in the expectations survey, inflation is projected to be 3.04 percent in May and 2.56 percent in June. Based on this data, the 6-month inflation rate will approach 25 percent.

HOW MUCH WILL THE LOWEST PENSION BE?

In January, the pensions of all retirees whose base salary was below 10 thousand liras were equalized to 10 thousand liras. If this practice continues, the lowest pension will be 12 thousand 500 liras.

HOW MUCH WILL THE LOWEST CIVIL SERVANT SALARY BE?

As a result of the calculations, the raise that civil servants and civil servant retirees will receive in July will be 20 percent. According to the raise rate, the lowest civil servant salary will exceed 39 thousand liras. The lowest civil servant retirement pension will rise above 16 thousand liras.