Millions of retirees set for base pension adjustments in July

Millions of  Social Insurance Institutions (SSK), Independent Employees Social Insurance Institutions (BAG-KUR) and agricultural retirees are set to experience changes in their base pensions. When the inflation adjustment rate for the first six months of the year is determined, the base pension of everyone with a pension of 10,000 lira will be affected.

The change in the base pension is expected in the first week of July. With the announcement of inflation figures for the first six months of the year, the pensions of millions of retirees will be increased.

Retirees with a pension of ₺10,000 but a lower base pension have their pensions topped up to ₺10,000. For example, if a retiree has a base pension of ₺6,000, an additional ₺4,000 is added to their pension to reach ₺10,000.

In the above example, when a 25% increase is applied to a retiree with a base pension of ₺6,000, the base pension rises to ₺7,500. Thus, the government added ₺2,500 instead of ₺4,000 to bring the pension to ₺10,000.

4-month difference

With the latest announced inflation, the cumulative increase in the base pension over four months is 18.70%. When the cumulative total of the inflation data for May and June is added to this rate, it will determine the base pensions in July.

Those receiving the minimum retirement pension of ₺10,000 can use e-government services to determine their base pension.