October 2024
21Oct

Reform for Turkish pension system urged amid inflation, early retirement, population aging

Amidst the high cost of living, a culture of early retirement, and a demographic outlook featuring population aging and a low birth rate, Türkiye's pension system is under great pressure and requires urgent reforms, experts have said. According to the state-managed Social Security Institution (SGK), some 16.4 million people receive retirement and old-age pensions in Türkiye, a country with a population of over 85 million. However, as data from Türkiye's Retirees Association showed, about one-fourth of all those retirees continue to...

October 21, 2024
News,
Read more...
04Oct

Labor Market Gender Gaps in Türkiye: A Bird’s Eye View

By Silvia Domit & Damla Kesimal Despite recent improvements, Türkiye’s low female labor force participation and high share of informal female workers stand out internationally. Closing these gender gaps would boost medium-term growth and make it more inclusive. This paper puts these gaps in an international context, explores their interlinkages with fiscal policies, and identifies policy priorities. Source SSRN

October 4, 2024
Articles, Labor Market, , ,
Read more...

March 2024
07Mar

Turkish pensioners have become the poorest in Europe

Pensioners in Turkey rank last in the world in terms of income. In terms of quality of life, only India is ahead of them, writes the Turkish publication Sözcü. As the publication notes, since 2018, Turkey has been steadily declining in the world ranking, the so-called "League of pensioners". The League rating covers 44 countries. Moreover, the average pension in Turkey is called such that it is practically impossible to live on, that is, Turkish pensioners lag behind many other...

March 7, 2024
News,
Read more...

February 2023
15Feb

75-year-old Iraqi woman donates her pension for Turkey quake victims

In a noble gesture, an elderly Iraqi woman has donated her pension to the earthquake victims in Turkey. The 75-year-old Khorshid Hussein Mohammed lives in Barda Qaraman on the outskirts of Sulaymaniyah, set aside her differences and illness, and made the decision. Khorshid told the media that she was born in 1948 in the village of Bargurdi, Mawat. She said she had to leave her village in 1989 due to oppression by the Baath regime and recalled her time she lived in...

February 15, 2023
News, ,
Read more...

December 2022
30Dec

Turkey’s president abolishes the retirement age by decree

Turkey’s President Recep Tayyip Erdogan has announced the end of the retirement age requirement, which gives over 2 million Turks the possibility of immediately choosing to exercise the right to a pension, according to what was communicated in a press conference yesterday evening. Currently, the retirement age is 58 for women and 60 for men. «With the regulation that we agree with today, about 2.25 million more people will be entitled to retire. No age limit to be entitled to...

December 30, 2022
News,
Read more...

March 2022

The Impacts of Matching Contributions on Retirement Savings: Evidence from a Quasi-Natural Experiment in Turkey
03Mar

The Impacts of Matching Contributions on Retirement Savings: Evidence from a Quasi-Natural Experiment in Turkey

By Sadettin Haluk Çitçi & Halit Yanikkaya Using a dataset containing information for more than 39 million contracts and a quasi-experimental design provided by national matching contribution policy reform in Turkey, we study the effects of matching contributions on saving outcomes and determine heterogeneities in responses to matching contribution. Differences-in-differences estimations show that the program leads to a substantial rise in contributions paid. The matching contribution policy raises contributions paid by 18 percent. Moreover, after 30 percent sharp rise in...

March 3, 2022
Articles, Savings, ,
Read more...

February 2022
01Feb

Turkey’s retirees suffer inflation pain despite pension hike

With soaring inflation in Turkey that has hit all walks of life, the pain of high cost of living is probably felt most by the country's old-age pensioners, despite the promises by the government under President Recep Tayyip Erdogan not to "crush the people under exorbitant prices." "I buy fruits and vegetables at closure time in the neighborhood market because of the cheaper price as sellers want to clear their shelves at the end of the day," Faruk Ekmen, a...

February 1, 2022
News, Slider, ,
Read more...

August 2021
17Aug

Turkey: New Regulation On Activities To Be Evaluated Within The Scope Of Insurance Services And On Distance Insurance Contracts Has Been Published

The new regulation details the rules on the insurances that can be provided linked to goods and services offered by businesses whose primary business activity is not insurance brokerage which is becoming to stand out in practice. As per the new regulation, business processes carried out under the abolished regulation will be required to be compliant with the new Regulation by 1 September 2021. Accordingly, with the new regulation, insurance intermediaries, banks and institutions incorporated under special laws and authorized to...

August 17, 2021
News, Slider,
Read more...

May 2021
13May

Turkey: The Regulation On The Private Pension System Has Been Amended

Amendments regarding the Regulation on the Private Pension System ("Regulation") were published in the Official Gazette No. 31476 dated 6 May 2021. With the changes introduced by the Insurance and Private Pension Regulation and Supervision Agency ("Agency"), new regulations have been created regarding the use of electronic means of communication, the maximum number of changes allowed in a fund distribution and the purchase and sale of pension investment funds via a central electronic platform. You can read the amendments...

May 13, 2021
News, Slider, , ,
Read more...

February 2019

23Feb

Pension Funds with Automatic Enrollment Schemes: Lessons for Emerging Economies

By Heinz P. Rudolph (The World Bank) Since the introduction of the KiwiSaver scheme in New Zealand in 2006, several countries have implemented, or are in the process of implementing, voluntary funded pension systems with automatic enrollment features. Since most of the literature has focused on countries with the common law tradition, including the United Kingdom and the United States, this note analyzes cases of countries with the civil code tradition, including Turkey, Poland, the Russian Federation, Chile, Brazil, and...

February 23, 2019
Articles, Pension design, System Sustainability, , , , , , , , ,
Read more...