Prices increased 269 percent in 5 years, retirement bonus increased 10 percent

The Research Center of the Confederation of Revolutionary Workers Unions (DİSK-AR) has published a new research note on the vacation bonus for retirees.

In the note, which indicates that the inflation announced by TUIK between 2018 and 2023 and food inflation increased to 362 percent, it was noted that the increase in retirement bonds was limited to 10 percent in the same period. .

In the investigation, which underlined that the retirement vacation bonus, which was determined at TL 1,000 in 2018, was only increased by 10 percent over 5 years, “The retirement vacation bonus, which was increased to TL 1,100 with an increase of 100 TL in 2021, applied as 1,100 TL in 2022. In the same period, the minimum wage increased by 431 percent, from 1,603 TL to 8,507 TL. Retirement vacation bonuses, which rose just 10 percent in 5 years, turned into stamps and were crushed by inflation.

Source: DISK-AR

PURCHASING POWER DECREASED FROM 1000 TL TO 238 TL

According to the information in the research note, there are almost 14 million retirees and beneficiaries in Turkey. Eid also means bonuses for retirees, who form one of the largest social groups in Turkey.

Food inflation was announced at 69.3 percent by TUIK in February 2023.

Food inflation among retirees is close to 90 percent.

In the last one-year period of high inflation, food inflation among retirees has exceeded 100 percent.

“Therefore, the loss of the retirement bonus against food inflation increases,” the note says, “The purchasing power of the pensioner holiday bonus decreased to TL 238 in 2023 compared to food inflation. Therefore, the retirement holiday bond loss relative to food inflation (a holiday) is TL 3,519. To avoid the loss of retirement holiday bonuses, the bonuses must be at least 4,619 TL in 2023.

Source: DISK-AR

THE MINIMUM WAGE RATE DECREASED FROM 62 TO 13 PERCENT

Since retirement bonuses do not increase as much as the minimum wage, the purchasing power of retiree bonuses decreases.

The holiday bonus, which was determined in 2018 when the minimum wage was TL 1,603, was 62 percent of the minimum wage.

In the note, which was titled “In 2023, the vacation bonus of TL 1,100 decreased to 13 percent of the minimum wage,” it stated: “If the retirement bonus was increased in accordance with the minimum wage, it should have been 5 thousand 307 TL”.

‘THE LOWEST PENSION SHOULD BE AS MUCH AS THE MINIMUM WAGE’

The note included the following demands for the retirement vacation bonus:

“The retirement vacation bonus must not be less than the pension. The minimum pension must be the minimum wage. Retirees should be given a monthly bonus 4 times a year.”