How much will the pension increase be? All eyes are on the pension inflation data…
All eyes are on January for the retirement increase, which is held twice a year. The salary increase, which offers the possibility of reducing the financial burden to some extent, is determined based on inflation figures. Inflation was 29.41 percent in the four months between July and October, which is closely related to the increase in pensions.
HOW MUCH WILL THE PENSION INCREASE BE?
Inflation will be the determining factor for the increase that will be given to retirees at the end of the year. Inflation was 29.41 percent in the 4 months between July and October. If inflation rises to 3 percent in November and 3 percent in December, pensions will increase by 37.3 percent in January. The minimum pension will be 10,300 TL. If inflation increases to 4+3 percent, the pension increase will be 38.7 percent and the minimum pension will be 10,402 TL.
A higher rate of increase is also possible, since local elections will be held in March.
50 PERCENT INCREASE FOR RETIRED PUBLIC OFFICIALS
Civil servants and retired officials will receive a 15 percent increase in the arbitration tribunal in addition to the inflation difference at the beginning of 2024. Civil servants and retirees received 25 increases in July, 6 percent of which came from the collective agreement. If inflation rises to 3+3 percent in November and December, civil servants and retirees will receive an inflation difference of 29.5 percent and a 15 percent increase. The total increase will be 48.93 percent. If November-December inflation is 4+3 percent, the inflation difference will be 30.8 percent and the total increase will be 50.4 percent. The lowest salary of civil servants will increase to 33,000 lira.
WHEN WILL THE PENSION INCREASE BE ANNOUNCED?
Retirees are eagerly awaiting news of pension increases to alleviate their financial difficulties. SSK and Bağ-Kur retirees receive two increases, in January and July.
The pension increase will be determined by the inflation rate to be announced for December.
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.
