SGK expert calculates: Here is the July raise for retirees

SGK expert Özgür Erdursun, in his calculations based on the inflation data published by the Turkish Statistical Institute (TÜİK) and the expectations in the Central Bank's market participants survey, stated that a 18.09 percent raise is expected for SSK and Bağ-Kur retirees in July, and a 16.97 percent raise for civil servants and civil servant retirees.

THE LOWEST RETIREMENT PENSION MAY EXCEED 17 THOUSAND LIRA

In his assessment regarding the lowest retirement pension, Erdursun said, "The current lowest retirement pension is 14,469 TL. With these rates, the lowest pension could rise to approximately 17,086 lira in July."

LOWER RATE INCREASE FOR CIVIL SERVANT RETIREES

Pointing out that the raise rate for civil servant retirees will be lower compared to other retirees, Özgür Erdursun stated, "An increase of 16.97 percent is expected for civil servant retirees."

INFLATION DIFFERENCE TO BE REFLECTED TO RETIREES IN JULY

In July, the inflation difference for the first six months of the year will be reflected in the pensions of SSK, Bağ-Kur, and civil servant retirees. When combining TÜİK's data for the January-April period with the Central Bank's expectations for May and June, the raise rates have begun to become clear.

HOW WERE THE RAISE RATES DETERMINED?

TÜİK announced inflation at 5.03 percent in January, 2.27 percent in February, 2.46 percent in March, and 3 percent in April. According to the Central Bank's market expectations survey, inflation is projected at 2.36 percent in May and 1.77 percent in June. In light of this data, a 18.09 percent raise is expected for SSK and Bağ-Kur retirees, and a 16.97 percent raise for civil servant retirees.

HOW WILL RETIREMENT PENSIONS CHANGE?

The current lowest retirement pension of 14,469 TL is expected to reach approximately 17,086 TL in July with an 18.09 percent increase. For example;

A retiree receiving a 20,000 TL pension will have a new pension of approximately 23,618 TL.

The pension of those receiving 25,000 TL will rise to 29,522 TL.

A retiree receiving a 30,000 TL pension will receive approximately 35,427 TL.

The increase for civil servant retirees will remain slightly lower. For example;

The pension of a civil servant retiree receiving 25,000 TL will rise to approximately 29,241 TL with a 16.97 percent increase,

And the pension of one receiving 30,000 TL will rise to approximately 35,091 TL.

SEVERANCE PAY CEILING WILL ALSO INCREASE

The increase to be made to civil servant salaries will also raise the severance pay ceiling. The ceiling, which is currently around 46,000 TL, could rise to the 54,250 TL to 55,000 TL range in July with a 17 percent increase. This means that employees whose gross salary is above this level could receive higher severance pay if they postpone their retirement until July.

ALL EYES ON JUNE DATA

The announcement of May and June inflation data is awaited for the raises to be applied to retirement pensions to be finalized. May inflation will be announced on June 3, and June data will be announced on July 3. After this date, the 6-month inflation rate will become clear and the raises will be finalized. If no extra regulation (such as a welfare share, flat-rate raise, or adjustment) is made, the raise in July will be applied based solely on the inflation difference.