Pension Fund Massively Devalued in Last 10 Years

North Cyprus News - Falling Lira

Monday, 6 June 2022

The State Pension Fund is devaluing along with the Turkish Lira, most seriously affecting those who began work from 2010, Yeniduzen reported.

The report also notes that no protection measures were included in the latest Financial Protocol signed with Turkey.

The foreign exchange equivalent over the last 10 years on an accumulated 100,000 Turkish lira shows its worth has devalued by 30,000 pounds sterling.

Savings in the Provident Fund worth 100,000 TL in 2012 were equivalent to £30,965 and in 2022 are now worth £4,807.

One of the former Under Secretaries at the Ministry of Labour and Social Security Erçin Tekakpınar told Yenidüzen that those who were in charge of the Provident Fund “did not understand fund management”. Adding that a team of  professionals would be able to minimise the damage by using different investment instruments.

Meanwhile, CTP deputy Devrim Barçın told Yeniduzen that 40 percent of the fund savings are kept in foreign currency, but the employee is remunerated in TL. “The employee should have the option of keeping 40 percent of their savings in foreign currency”, he said.


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