The update coefficient on the date the retirement petition is submitted also affects the amount of lifetime pension received.
When granting pensions to retiring employees, the Social Security Institution (SGK) takes into account the individual’s premium-based earnings reported to the institution throughout their working life, the number of premium payment days, and the monthly granting rate.
In years when inflation is high, the date of submission of the retirement petition is also of great importance in terms of the amount of the first monthly payment to be made. In this context, Türkiye Newspaper Writer and Social Security Chief Expert İsa Karakaş evaluated the date on which it is more advantageous to retire.
Karakaş stated that in the calculations made last year, the retirement petition submitted in 2023 was more advantageous than 2024, but this was not a very large rate. Drawing attention to the fact that this year’s rates are higher, Karakaş emphasized that this rate is the highest rate in Türkiye’s history.
