Erdoğan announces the increase in retirement pensions for first half 2024

President Recep Tayyip Erdoğan announced the increase in retirement pensions following the first cabinet meeting of the new-year. The additional raise rate for SSK (Social Security Institution) and Bağ-Kur retirees was determined as 42.6%, and it has come into effect in January 2024. This increase, was achieved thanks to the 5% raise decided by the President (himself). Erdoğan also delivered the promising news that retiree pensions (civil servants and SGK retirees) would be equalized in July. Also, the minimum retirement pension threshold has been raised from 7,500 Turkish Lira to 10,000 Turkish Lira.

Erdoğan emphasized that they raised the inflation-based increase rate of 37.57% determined by the December inflation to 42.6% with an additional 5% raise. Additionally, he shared the information that retirement pensions would be equalized in July.

As a result of this regulation, it was stated that the minimum retirement pension has increased from 7,500 Turkish Lira to 10,000 Turkish Lira. To receive these increased pensions, retirees need to follow the timeline, which includes the proposal of the law to the Parliament, its review and approval by the Planning and Budget Committee, voting in the General Assembly, and its enactment into law. SSK (Social Security Institution) retiree pension payments will begin tomorrow and will continue until January 26. Bağ-Kur retiree pension payments will also be made between January 25 and 28.. Retired civil servants are expected to receive the additional 49.25% raise from the end of January.