WHAT WILL BE THE INFLATION RATE FOR THE FIRST 6 MONTHS?

The civil servant, SSK, and Bağ-Kur retiree pension adjustment rates for 2024, what will be the 6-month inflation differential percentage?

The inflation rate for the civil servant, SSK, and Bağ-Kur retirees’ pensions in 2024 will be determined in accordance with the announced inflation figures for June, which will be disclosed on July 3rd. While the anticipation for the new period’s pension adjustments continues, the inflation differential for the first 5 months of the year is being investigated. So, what will be the inflation differential for the first 6 months? Here’s the update on the civil servant, SSK/Bağ-Kur retiree pension adjustment for 2024…

Once the inflation figures for May and June are finalized, the adjusted pensions for SSK, Bağ-Kur, civil servants, and civil servant retirees will be determined. On June 3rd, Monday, TÜİK will announce the inflation figures for May. One month later, the 6-month inflation differential will be precisely determined. SSK and Bağ-Kur retirees will directly receive the inflation differential. Civil servants and civil servant retirees, however, will receive both the inflation differential and the difference in collective bargaining agreement increments. The new salaries will be recalculated for all professional groups including teachers, police officers, nurses, doctors, and engineers.

WHAT WILL BE THE INFLATION RATE FOR THE FIRST 6 MONTHS?

As known, retirees and civil servants receive adjustments twice a year, in January and July. By early June, the pensions for 16 million retirees and 4 million civil servants will be finalized. The inflation differential for the first 4 months of this year was determined to be 18.72%. If the average inflation for May and June is around 3%, the inflation for the first 6 months will reach around 25%. In the previous period, the inflation differential was around 37%. With a 12% increase in the prosperity share, retirees received a 49% increase. If the inflation differential for the first 6 months is around 25%, it is expected that with a 5% increase in the prosperity share, pensions will be increased by around 30%.

According to expectations based on the 6-month inflation rate, the minimum civil servant salary will exceed 39,000 TL. The base salary for civil servant retirees will rise above 17,500 TL. The average civil servant salary will be in the range of 44,000 to 44,500 TL. It is expected that the minimum retiree pension, currently at 10,000 TL, will be increased to 15,000 TL. Social support payments, including those for individuals aged 65 and over, disabled individuals, and home care allowances, will increase by the same rate as the civil servant salary increase.

TABLE OF CIVIL SERVANT AND RETIREE ADJUSTMENTS BASED ON 4-MONTH INFLATION FIGURES

4-month inflation rate: 18.72%

4-month SSK, Bağ-Kur retiree adjustment: 18.72%

4-month civil servant inflation differential: 3.23%

4-month civil servant collective bargaining agreement increment: 10%

Adjusted rate including 4-month inflation differential: 13.56%

TABLE OF CIVIL SERVANT AND RETIREE ADJUSTMENTS BASED ON ESTIMATED MONTHLY INFLATION FIGURES

6-month inflation rate: 25.46%

SSK, Bağ-Kur retiree adjustment for 6 months: 25.46%

6-month civil servant inflation differential: 9.09%

Civil servant collective bargaining agreement increment: 10%

Adjusted rate for 6-month civil servant and civil servant retiree: 20%