Good news for retirees! Will pensions increase? Minister Işıkhan announced

Millions of retirees have accelerated their research into the answer to the question, "How much will the lowest pension be?"

Making statements regarding the lowest pension, Minister of Labor and Social Security Vedat Işıkhan said, "I would like to express that, God willing, after the inflation rates are determined, we may be involved in a study regarding the increase of the lowest pension at the Economic Coordination Board at the Presidency in January."

WHEN IS THE REGULATION FOR THE LOWEST PENSION?

Minister Işıkhan answered journalists' questions following the GAP Action Plan Information and Consultation Meeting and the Economic Coordination Board (EKK) meeting in Şanlıurfa.

In his statement regarding the lowest pension, Minister Işıkhan noted the following:

"As you know, the increase in pensions is carried out in accordance with a legal regulation. According to our law, SSK and BAĞ-KUR retirees receive increases based on the 6-month CPI rate in January and July, while the increases we provide to civil servant retirees are determined by the figures specified in their collective bargaining agreements in addition to the inflation difference.

As you know, the lowest pension was 10 thousand liras in July, and we most recently increased it to 12 thousand 500 liras. Of course, the increase in the base pension here is as follows: We top up the pensions of our retirees who receive low monthly payments due to short-term and low premium payments to 12 thousand 500, and the difference is paid by our Ministry of Treasury and Finance.

God willing, after the inflation rates are determined, I would like to express that we may be involved in a study regarding the increase of the lowest pension at the Economic Coordination Board at the Presidency in January."

HOW MUCH WILL THE LOWEST PENSION BE?

Following the minimum wage hike, all eyes have turned to the raises for civil servant salaries and pensions. The Turkish Statistical Institute (TÜİK) will announce the December inflation figures on Friday, and the raise for retirees and civil servants will be determined.

The increase in pensions will become clear with the inflation rate to be announced on Friday. According to expert estimates:

The 6-month inflation rate is expected to be around 17 percent.

If this rate is realized, the lowest pension will rise from 12 thousand 500 TL to 14 thousand 625 TL.

An increase of 20 percent is required to reach 15 thousand TL.

HOW MUCH IS THE LOWEST PENSION?

The lowest pension was set at 12 thousand 500 liras as of July. Despite the inflation raise, pensions remaining below this figure were topped up to 12 thousand 500 liras.