Turkey's Pension Boost: Economic Implications Unraveled

Turkey plans to increase its minimum pension to 23,552 lira, costing the budget 79 billion lira by 2026. A new 2% levy on internet and media sales aims to fund the cinema sector, generating 417.1 million lira. Workforce incentives extended through 2028 total 188 billion lira.

In a recent parliamentary session, Turkey discussed a draft bill slated to raise the minimum pension from 20,000 to 23,552 lira. This move, projected to impact 5.1 million pensioners, is expected to cost the national budget approximately 79 billion lira by late 2026.

The bill also introduces a 2% levy on net sales of internet platforms and media service providers. The collected funds are intended to bolster the cinema sector and are estimated to generate an additional 417.1 million lira annually.

Moreover, the incentive scheme offering 3,500 lira per insured worker for businesses retaining their workforce will be extended until 2028. The program's payments are forecasted to reach a total of 188 billion lira over the next few years, reflecting a commitment to economic stability.