Expected increase in retirement promotion

Increasing the minimum pension from 5,500 liras to 7,500 liras and increasing the banking promotion for retirees generated expectations.

Following President Recep Tayyip Erdoğan’s declaration last week that the lowest pension was increased to 7,500 lira, the process initiated in the Turkish Grand National Assembly for legal regulation continues.

The decision, which affects approximately 8.8 million retirees, is also closely related to the amount of promotion retirees receive from banks in exchange for their pensions.

AN INCREASE IS EXPECTED IN THE FOLLOWING DAYS

Under current conditions, banks, which make promotional payments to retirees ranging from 4,500 to 10,000 lira over three years, also offer various advantages for retirees to become their own customers.

After the lowest monthly amount increased to 7,500 lira, millions of retirees set their sights on an increase in bank promotion.

With the EYT regulation, banks that offer loans to retirees are expected to increase their promotional amounts in the coming days in parallel with the increase in pensions.

‘BANKS SHOULD OPEN THEIR MOUTH’

Turkish Retirees Association (TÜED) President Kazım Ergün stated that they have been fighting for 10 years for retirees to benefit from the right to bank promotion, and as a result, retirees have received bank promotions since 2015.

Expressing that the amount of bank promotions should be increased by increasing the lowest pension to 7,500 lira, Ergün said: “With the new figure, the lowest pension will be increased by approximately 114 percent compared to December 2022. Banks should open the mouth of the wallet, and promotion should increase at this rate. Public banks should not be left behind in this competition either”. (AA)