How much is the maximum severance pay for temporary dismissal?
Severance pay is awarded as a result of leaving the workplace for justified reasons, such as health problems or the obligation to join the army, or the termination of employment contracts. The severance pay cap increases each year at a certain rate.
THE LIMIT OF COMPENSATION FOR SENIORITY IS DETERMINED
A circular on financial and social rights was published with the signature of the Minister of Finance Nurettin Nebati.
As of January 1, 2023, the maximum annual severance pay amount to be paid to workers was announced at TL 17,904.62.
SENIORITY COMPENSATION WILL BE DETERMINED AGAIN
The Ministry of Finance will issue a new circular on economic and social rights calculated on the new salary coefficient for civil servants, after the 30 percent increase that will be granted to civil servants.
The amount of compensation for workers whose work contract has ended in the period that elapses until the new compensation is determined, will be calculated on the ceiling announced by the Ministry, and the difference must be paid when the new ceiling is determined.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
