The aim of pension increases is to boost the purchasing power of benefit recipients while preserving the financial sustainability of the public pension system. Real-world data, however, shows that around 60% of retirees have income that does not reach the Minimum Interprofessional Wage (SMI). The gap is even wider among retired women, where the rate approaches 70%.
One prominent proposal argues that the minimum contribution pension for individuals with a dependent spouse should be set at 60% of the average income of a two-adult household. For the minimum non-contributory pension, the plan is to reach 75% of the individual poverty line, which would translate into an increase of roughly 600 euros per month, about 8,300 euros per year.
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Based on the planned timelines, the pension increases are set to occur between 2024 and 2027. The approach will be progressive, consistent with recent years. The initial increases are expected in 2024 and will continue to improve each year through 2027.
Societal Security data and projections indicate that the minimum pension will rise from 13,500 euros per year in 2023 to 16,500 euros per year in 2027.