BREAKING… the figures for minimum pensions for July 2024 are in. The final decision affecting millions of retirees has been made.
For Turkey’s 16 million retired citizens, the July salary increase is very important. As the countdown begins, retirees are closely watching the experts’ predictions and rates. Especially the minimum pension of 10,000 TL is expected to see significant improvements. So how much will the minimum pension be in July? The net amount of the minimum pension increase for July 2024 has been announced. The highly anticipated salary increase rate and the July salary increase process have been in the news…
With the introduction of the EYT regulation, the number of retirees in Turkey has exceeded 16 million. The majority of these retirees receive only the lowest pensions. Retirees who are stuck on a salary of 10,000TL due to low basic salaries are hopeful that they will see a significant improvement in July. There was a new last-minute decision that will make retirees smile. The salary increase rate for retirees earning a salary of 10,000TL was announced in July. It is unclear whether millions of retirees will be sad or happy about this decision. As the salary increase rate is below the expectations of retirees.
What will be the minimum salary increase for July’s retirement?
Unfortunately, in Turkey, it is the retirees who are suffering the most due to inflation and the high cost of living. Citizens who have worked for many years to retire and earn a regular salary are now suffering great economic difficulties. Retirees have high hopes for a pay increase in July. But unfortunately, the picture that emerges from it will not be what retirees expected, as new figures have come out regarding the rate of increase in July 2024.
There are two formulas for calculating the minimum amount of retirement pay increase:
Two formulas are being considered for the increase in the minimum pension in July 2024. The first of these formulas is to increase the minimum pension according to the inflation rate. The expected six-month inflation rate in July is 25%. In this case, the minimum pension of 10,000 TL will become 12,500 TL. The other formula is to increase the minimum pension by inflation plus welfare contributions. In this case, an increase of up to 35% is expected. If this formula is realized, the minimum pension will increase to 13,500 TL.
Retirees have high expectations for pay increases
Retirees who suffer from economic difficulties and have serious difficulties making ends meet with a salary of 10,000 TL have even higher expectations for a pay increase. Especially those with the lowest pensions are demanding an additional 5000 TL. However, due to the economic situation in Turkey and the tightening policy, it is said that this additional pay increase given to retirees is impossible. On July 3, the inflation data for the past six months will be released, and the rate of increase will definitely increase. The initiative regarding the minimum pension is also in the hands of President Erdogan. That is why retirees are closely following his statements.
