'Premium brackets' formula for retiree welfare pay: 15 percent additional payment on the agenda

Turkey is drafting a formula to pay pensioners a welfare supplement on top of January’s inflation-linked raise, with the additional payment set to vary by premium payment days and working tenure and to average around 15%, while the minimum pension is projected to rise to 30,000 lira. The package is estimated to require 1.1 trillion lira in funding. The move matters because it would lift retiree incomes above the standard inflation adjustment and add significant pressure to the budget. What to watch next is the final scope of the tiered payments and whether the minimum pension increase and funding figure are confirmed in the legislation.