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Pension in Turkey
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17/05/2024
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Pension in Turkey
Turkey is a developed Asian state that provides its citizens with a high standard of living, stability, considerable wages and very good pensions. It is quite possible to live on one pension in this country. Turkey is currently one of the countries with a low pension threshold. The state has developed a phased program for increasing the retirement age, based not only on age, but also on length of service. To receive a pension in the territory of the TR it is necessary - Reaching retirement age - Official employment for at least 5 years and regular pension contributions. There are 3 types of pension: -Maaşlı çalışanlar - employment based on wages. Contributions are made by the employer (4A) -Bağ-kur - an individual - an entrepreneur. Deductions are made by him (4B). -Emekli sandığı - civil servants. Contributions are made by the state (4C). If a citizen of the Republic of Turkey lived and worked in another country, then he is not entitled to a pension. He can apply for a pension in Turkey only after paying 3.5 US dollars for each day of missing work experience. Minimume pension amounts for 2021: • 1,912 TL for Bağ-kur pensioners • 1,802 TL for agricultural pensioners Bağ-kur • 2,624 TL for pensioners Maaşlı çalışanlar • 3,276 TL for pensioners Emekli sandığı The maximum pension in Turkey is over 10,000 Turkish liras. Such pensions are usually received by pensioners working in the government sector (mayors, heads of administration, ministers, etc.). Turkish citizens with a doctorate receive a pension of about 8,000 Turkish lira. Civil servants retiring are entitled to a one-time payment of 30,000 to 80,000 TL. Retirement expenses in Turkey amount to 7% of GDP. Turkish pension for foreign residents A foreigner has the right to receive a Turkish pension if he has made the necessary social contributions. However, foreign residents do not have the right to make contributions to the State Pension Fund. If they want to receive a pension in Turkey, they will have to transfer 32% of their salary to a private fund. Only foreign residents who have a residence permit in Turkey can make contributions to such funds and apply for a funded pension. In Turkey there is a Bireysel emeklik sistemi (BES) system, that is,Private Pension System. Under this system, pensions can be received by persons who did not work here. To participate in this program, an agreement with a bank or insurance company and monthly contributions are required. The programs differ in the size of deposits and terms. The amount can be withdrawn after 10 years. The essence of the program is to make monthly contributions to a bank account until a certain time. The minimum threshold is 150tl per month or more. A good interest is accrued monthly on the deposited amount and, depending on the bank, an additional bonus interest may be accrued. After a certain period, you can receive a salary pension or withdraw the entire accumulated amount at once. It should be noted that after joining the program, you cannot withdraw savings for the first three years, and in case of termination of the contract, all accrued interest will be canceled. How to transfer a pension abroad To transfer a pension, you must contact the Pension Fund and write an application for relocation. Next, you should visit the bank where the person receives a pension and write an application for a card that will be valid in Turkey. The pension will be transferred to the received card in Turkish lira at the Central Bank rate. You can withdraw money from the appropriate banke. In Turkey, the following benefits are provided for pensioners: Purchasing medications with a 90% discount on their full cost. Free access to state gyms and clubs.
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