Retirement Age Requirement Dropped in Türkiye, Providing Relief for Millions
Turkey has abolished the retirement age requirement, allowing over 2 million workers to retire immediately. This change will apply to workers who began working before September 1999 and have completed 20-25 years of social security-registered careers. The previous retirement age was 58 for women and 60 for men. President Recep Tayyip Erdogan has not yet disclosed the cost of the new system, but he has stated that 2.25 million people are now eligible to retire. There are currently 13.9 million pensioners in Turkey. Erdogan also mentioned that the country has recently increased the minimum wage, public salaries, and pensions to support fixed-income employees. Turkey recently raised the minimum wage by 54.5%, which will be effective on January 1, 2023. The net minimum wage for single individuals will be TL 8,500 ($455) per month, up from TL 5,500. Turkish households have been struggling with high inflation, which dropped below 85% last month after reaching a 24-year high in October. It is expected to decline in the coming period due to the base effect and falling global energy prices. This is the third minimum wage hike in the past year, with the country enacting a 50% hike at the beginning of 2022 and a 30% hike in the middle of the year to protect households from rising inflation.
