The rate of salary increases for civil servants and retirees to be finalized today with TURKSTAT's inflation data

In Turkey, approximately 16 million retirees and millions of civil servants are waiting for the July salary increase to be finalized with the June inflation rate to be announced by TURKSTAT. The figures from the Turkish Statistical Institute (TURKSTAT) will be shared with the public at 10:00 AM.

According to market surveys, monthly inflation in June is estimated to be between 1.30 percent and 2 percent. It is also expected that the Consumer Price Index (CPI) will increase by around 1.53 percent. In light of this data, it is projected that the annual inflation, which was 35.41 percent last month, will decline to the 35.26 percent level.

The 5-month inflation difference for SSK and Bağ-Kur retirees has been determined as 15.1 percent. With the addition of the June data, the 6-month rate is expected to rise to approximately 16-17 percent. Civil servants receive an inflation difference and a collective bargaining increase twice a year. As of the end of June, an 8.58 percent inflation difference has formed for civil servants and civil servant retirees, and with a 5 percent collective bargaining increase, a total increase of 14.01 percent is on the agenda.

In the Central Bank of the Republic of Turkey's Survey of Market Participants, the June CPI increase was projected at 1.77 percent in the previous period, but it has declined to 1.61 percent in this survey period. If this forecast is realized, the 6-month total inflation will be 16.95 percent. This rate will be decisive for the salary increase of SGK and Bağ-Kur retirees.

The retiree salary increase is determined directly based on the 6-month inflation difference. Accordingly, if the 6-month inflation rate comes out at 16.95 percent, SGK and Bağ-Kur retirees will also receive a raise on their salaries based on this rate. Civil servants and civil servant retirees will also benefit from a 'double raise' increase with the collective bargaining and inflation difference.

The data to be announced today carries great importance for both employees and retirees. All eyes will be on the official announcement to be made by TURKSTAT to see whether the forecasts will be realized and for the salary increase rates to be finalized.

News Source: 12punto