With the enactment of the new law on the complementary pension system announced by President Erdoğan, the rights of all employees of the previous term, subject to severance pay, will be protected in the same and subject to the same conditions.
Employees who leave the job after 1 January 2022 to qualify for severance pay will be able to receive past severance pay.
The participant will be entitled to retire after completing the age of 60, and the claimants will be able to be paid once, not to exceed 25 percent of their savings in the pension account.
When the employee resigns, the amounts in the individual fund account will remain as vested right.
A new Pension System awaits us by 2020. Although the details of this system will gradually become clear, we will transfer the “Complementary Pension System” in line with the current official statements.
Let's assume that he has just started work or has been working regularly for some time. So your future is very important to you. While your working life continues to accumulate at a sufficient level and spend a comfortable, peaceful and even fun retirement, it is your dream as much as everyone else.
The “Complementary Retirement System”, which is included in the new economy program announced recently, enables people who want to realize this dream and also ensures that the money is processed and valued and used in the development of the country.
So let's take a look at this system in all its aspects and start removing the question marks in your head with information about the Complementary Pension System.
What is Complementary Pension System?
As a summary, we can say the first about the Complementary Pension System:
This system is the restructuring of the Private Pension System.
It was previously supported by the state that employees working under the name Automatic BES entered the Private Pension System. In this system, 3% of the employee's salary was deducted and there was no employer contribution other than State Contribution. In the Complementary Pension System, while the State Contribution continues, as well as the employee, the employer will be deducted and these deductions will accumulate from month to month in your account. It is not yet clear how much cuts will be made from the employer. The state is looking for a solution that will not increase the burden of employers. As Fibaemeklilik, we will help you to make this accumulation more profitable.
Can I Exit the Complementary Pension System?
In Complementary Retirement System, you cannot leave the system until your retirement age. If you want to use your retirement right when your retirement comes, you will be able to get the full accumulation of State Contribution and employer deduction. Although it is said that employees will be granted gradual exit right in the future, we are not able to transfer these details as these stages are not yet clear.
Am I Included in the Complementary Pension System?
If you have not reached the age of 45 and are working actively, yes, you will be included in the Complementary Pension System by 2020.
In the Complementary Pension System, which will be deducted according to everyone's salary, to be explained by example; The deduction from a minimum wage person will be less, and the deduction from a high salary person will be higher. In this case, you will start making your savings with State guarantee with Complementary BES at the rate of your salary.
What Does Severance Pay Fund and BES Integration Mean?
Another important issue on our agenda is how to integrate Severance Pay into the Private Pension System.
"Will severance pay be removed?" or "Will severance pay be taken when you retire?" We will try to answer many questions like.
According to the first statements made by the government, Severance Pay will be transferred to a funded system with State Contribution and will be adapted to PPS and will take a whole form.
If you are new to work or have been working for a while, you will be included in both the Complementary Pension System and the funded system in Severance Pay.
Those who are over a certain age and those who remain for a short period of retirement will not be included in these two systems.
How Do I Qualify For Severance Pay?
According to the old system, you had to meet certain conditions to qualify for severance pay. For example, you could not get severance pay, even if you resigned without completing 6 months at the place you worked.
With the new system, whether you work with insurance for 1 day or 10 years, the employer has to pay your severance pay to the Severance Pay fund. Thus, even if you change your work place or work for a short time, your severance pay will be protected accumulated in the fund. You can follow up to date whether you have seniority or how much you have accumulated.
When can I get my severance pay?
To give an example from the old system again, you could get Severance Pay when he was dismissed or when he resigned with a justified reason. The new system focuses on the system where Severance Pay can also be received at the retirement age, even if this issue is not yet clear.
In summary, all workers and employers expect a brand new system. We will continue to clarify our explanations as long as the details are clear.