Will the retirement age increase? New regulation on the way!

The 2025 program published in the Official Gazette states that the retirement age will be reviewed to ensure the sustainability of the social security system and that an adjustment will be made in parallel with life expectancy at birth.

In the "Social Security System and Its Financing" section of the program, it is stated that such regulations are needed to keep the social security system financially sustainable.

WHY MIGHT THE RETIREMENT AGE INCREASE?

Recent studies show that the average life expectancy in Turkey has increased significantly in recent years. According to data from the Turkish Statistical Institute (TÜİK), the life expectancy at birth across Turkey has reached 77.3 years.

These figures, calculated as 74.7 years for men and 80 years for women, provide a justification for pushing the retirement age to older ages.

SUPPLEMENTARY PENSION SYSTEM AND BES INCENTIVES FOR YOUTH

The program also includes plans to increase incentives for the Private Pension System (BES) and to introduce new models such as the Supplementary Pension System (TES).

In this context, it is planned to encourage the participation of university students under the age of 25 in BES and to implement incentives that will ensure they remain in the system for a long time. Furthermore, it was stated that a second pension system with employer contributions will be implemented through automatic enrollment, and that work with the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) will continue.

The curiosity of millions of workers regarding whether the retirement age will increase will be answered by the evaluations to be made in 2025.

These developments, which could create changes in your retirement plans, may reshape the future of working life.