Critical warning to Turkish employees regarding increased pension costs
Millions of Turkish employees awaiting a new phased retirement scheme have received a critical warning from Social Security Institution (SGK) expert, Dilek Ete.
She emphasises the importance of completing specific social security payments before the end of the year.
This applies particularly to those planning to pay to have periods of military service or maternity leave credited towards their pension.
The scheme, known as ' kademeli emeklilik', is expected to impact a large number of workers. ' Borçlanma', which refers to buying back periods outside of regular employment to meet pension requirements, is the relevant payment method.
By paying for periods such as military service or the time following childbirth, employees can ensure these periods count towards their total service time for pension calculations. The reason for the urgency is an anticipated increase in Turkey' s minimum wage, ' asgari ücret', which will come into effect in January.
This adjustment will directly lead to higher rates for social security payments made to the SGK.
Dilek Ete warns that the costs of covering these previous periods could multiply if payments are delayed until after the new year.
This development comes at a time when Turkish households are already experiencing significant pressure from rising living costs.
Any increase in mandatory expenses, even to secure a future pension, could represent a significant financial burden for many families and individuals across the country.
The consequences of failing to meet the deadline could therefore be substantial for the affected workers.
For many, it is critical to act now to avoid significantly higher expenses in the new year, which underscores the importance of this warning for personal finance and pension planning in Turkey.
Source: Haberglobal
