Pension Age Could Rise From 60 to 65

North Cyprus News - Pension

Thursday, 26 May 2022 

The retirement age in the TRNC could be raised from 60 to 65, Yeniduzen reported.

A technical team from Turkey will come to North Cyprus to discuss implementing the Pension Reform Plan, which is part of the Turkey-TRNC Financial Protocol, the details of which are not clear, the newspaper said.

According to the information received from high-level sources at the Ministry of Finance; The team coming from Turkey will make an ‘actuarial’ calculation for the Social Security Department, that is, they will prepare a detailed report on the financial situation and payments. It was said that an increase in pension contributions and health insurance premiums also will be on the agenda.

According to high-level sources, “The Social Insurance Department, which has serious financial difficulties and whose ability to pay is declining with the borrowings it has made one after another, will be discussed”.

The same sources said that; “Raising the retirement age will be discussed on the agenda of the technical committee, and ‘measures’ will be taken to pay the people who will retire from the Social Insurance Department. However, what these measures will be will become clear after the negotiations”.

It was reported that considering the Constitutional Court decision on this issue, there will be no impact on the rights of current retirees. However, system change will be discussed for new retirees.

Meanwhile, bureaucrats, who also agree that there are problems with the current pension law, emphasised that existing problems should be resolved instead of making new impositions under the Pension Reform Plan.

Yeniduzen

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