Critical date for pensions! Will the lowest pension increase?

Millions of retirees are focused on January for salary increases. Pensions increase by the 6-month inflation rate.

WHEN WILL THE PENSION INCREASE BE ANNOUNCED?

The increase rate will be finalized with the December inflation data. December inflation will be announced on January 3, 2025.

WHAT IS THE EXPECTATION FOR 6-MONTH INFLATION?

Including November, the five-month inflation was calculated at 14.57 percent.

According to the Central Bank survey, market participants projected that monthly inflation would be 1.72 percent in December.

When expectations are taken as a reference, the 6-month inflation rate concerning retirees and civil servants is calculated to be around 16.54 percent.

If inflation comes in at 2 percent, the 6-month inflation rises to 16.86 percent.

If inflation is 2.5 percent, the 6-month inflation rises to 17.43 percent.

HOW MUCH WILL THE PENSION INCREASE BE?

Considering inflation expectations, the year-end increase rate for retirees is shaping up to be around 16-18 percent.

WILL THE LOWEST PENSION INCREASE?

The increase rate resulting from 6-month inflation is applied to the base salary.

Therefore, the increase rate does not affect the lowest pension, which was set at 12 thousand 500 liras in July. The salaries of retirees whose base salary remains below 12 thousand 500 liras are topped up to the determined figure.

According to current figures, 3 million 703 thousand 180 people receive the lowest pension.

Consequently, if the lowest pension is not updated, there will be no change in the welfare level of more than 3 million people.

HOW MUCH WILL THE LOWEST PENSION BE?

The lowest pension is expected to be raised to a figure in the range of 14 thousand to 15 thousand liras.