22.9 million paid to those who manage the Center
As the people struggled against hunger and poverty in the face of rising prices, it turned out that those who run the Central Bank did not feel much inflation, thanks to their high salaries. According to the 2022 Annual Report of the Central Bank, a gross salary of 22 million 898 thousand liras was paid to 11 managers, including the president who manages the bank, and 4 members of the supervisory board.
The report did not reveal which executive received how much salary. However, calculations made on the total salaries paid revealed that Central Bank President Şahap Kavcıoğlu received a gross annual salary of 3.2 million lira and a monthly salary of around 268 thousand lira, including additional payments. . Kavcıoğlu’s gross salary, excluding additional pay, is estimated to be around 161 thousand lira.
Pursuant to the Central Bank Law, the monthly salaries and representation allowances of the President and Vice Presidents are determined by the President. The president and vice president who make up the management committee also receive additional salaries, provided they do not exceed two thirds of their salaries. Also, managers and bank staff receive a share of the profits, not exceeding 2 months’ salary.
The actual salary of the president and other executives is unknown, as it is kept secret. However, the calculations give an idea of the salaries, even if only approximate. Although it is not clear, the vice presidents of the Central Bank earn approximately 224 thousand liras in gross, with a salary of 134 thousand liras plus an additional 89 thousand liras. Non-administration MPK members and Assembly members receive about 107,500 lira monthly.
RETIRED IMMIGRATION TO ISTANBUL
While the accusation of moving the Central Bank to Istanbul caused great discomfort to the staff, it was also noted in the report that some of the employees retired instead of going to Istanbul. According to the annual report, the Central Bank, which paid a retirement bonus of 1.8 million lira in 2021, had to pay a bonus of 12.2 million lira to those who retired in 2022. The provision allocated by the Center for the retirement bonus increased from 47 million lira to 255 million lira in one year. Due to the relocation, the bank’s expense in general operating expenses increased 3.7 times in one year and reached 740 million lira.