October update for retiree promotions! How much are they now?

As of October, banks have updated their pension promotion amounts. Many banks are attempting to increase these figures with additional payments. Currently, the highest promotion amount has reached up to 24,000 TL.

These amounts are expected to increase further with the pension raise to be implemented in January; however, the exact figures will be determined based on the rate of the salary increase. Retirees will receive different promotion amounts depending on the bank to which they transfer their pensions.

PROMOTIONS AND ADDITIONAL BENEFITS OFFERED BY BANKS

In addition to promotional payments, banks offer retirees extra benefits such as low-interest loans, free EFT/money transfers, and no credit card annual fees. These opportunities make it attractive for those looking to transfer their pension to a bank.

HOW MUCH WILL PROMOTIONS INCREASE WITH THE JANUARY RAISE?

Speaking to Milliyet, Social Security Consultant Emin Yılmaz states that bank promotions may increase alongside the pension raise in January. Yılmaz noted that "banks compete within a free market economy and that promotion payments are a natural process."

Furthermore, it projected that bank promotions could rise to levels of 27 thousand 500 TL, depending on the inflation rate targeted at 41.5 percent in January 2024.

SHOULD YOU WAIT UNTIL THE END OF THE YEAR TO RENEW YOUR PROMOTION?

Promotion agreements made with banks are generally for three years, and the right of withdrawal is reserved. If a retiree wishes to terminate their current promotion agreement and sign a new contract with another bank, they must first repay the promotion they have already received.

If promotional payments increase further by the end of the year, retirees can exercise their rights to submit a new application. However, it should be noted that the previous promotion must be refunded.

Retirees are advised to consider not only the promotion amount but also other advantages offered when choosing a bank.