How much will the pension increase be, has the rate of increase for January been determined?

The consumer price index announced by the Turkish Statistical Institute (TUIK) has pointed out that the year-end increase for civil servants and retirees, as well as retired workers, traders and farmers, will be dwarfed. After the rise in July, an increase in inflation of 10.85 percent in 4 months was announced.

HOW MUCH WILL MY RETIREMENT INCREASE?

The consumer price index announced by the Turkish Statistical Institute (TUIK) has pointed out that the year-end increase for civil servants and retirees, as well as retired workers, traders and farmers, will be dwarfed.

If the increase in inflation continues in the same way until the end of the year, civil servants and retirees will receive an increase of 17.35 percent, while retired merchants and farmers will receive an increase of 16.27 percent.

The Central Bank’s year-end forecast also indicated that the increases would be 17.13 percent and 16.05 percent, respectively.

INFLATION INCREASED 10 PERCENT IN FOUR MONTHS

According to data announced by TUIK, consumer prices have increased by 10.85 percent in the 4 months since July. According to the calculation method of the Ministry of Finance and Finance, public servants and retirees will receive an inflation difference of 3.6 percent in the last 4 months. In other words, the increase in civil servants and retirees in July was reduced to 3.6 percent upon restarting.

TurkStat calculated that consumer inflation rose 10.85 percent in the 4 months covering July-October. If inflation increases in the rest of the year in November and December as in the previous 4 months, it will reach 16.27 percent at the end of the year. Thus, civil servants and retirees will receive inflation of 8.66 percent. In addition, given that collective bargaining will increase by 8 percent, the total increase rate will remain at 17.35 percent. The pensions of workers, merchants and peasant retirees will increase in 6 months of inflation, that is, by 16.27 percent.

PAY MONTHLY INFLATION DIFFERENCE

The president of the Confederation of Unions of Independent Public Employees (BASK), Mehmet Alper Tutorial, said that the salary increases remained below the inflation rate even before the end of the term, which led to the suffering of public employees. Noting that the inflation difference is paid with a 6-month delay, Tutorial said that “inflation losses need to be covered on a monthly basis to remove the grievances that have occurred over the years.”