Retirees Will Celebrate Twice! Following an announcement from the Social Security Institution, preparations have begun to pay pensions to retirees for the Eid al-Adha holiday. The increased July 2020 pension payments for retirees are planned to be made between July 27 and July 30. Millions of our retired citizens will enjoy double happiness during this holiday. The Social Security Institution has already started preparations for Eid al-Adha, which will be celebrated between July 31 and August 3, 2020.
Accordingly, it is planned that the holiday bonuses for retirees will also be paid between July 27 and July 30. Retirees will receive their July 2020 pensions with the applied raise. Short-time work allowance payments scheduled for July are also set to begin being transferred to accounts starting Monday, June 29, 2020. Our government is using all available resources to improve the welfare of retirees. According to information obtained, a total of 9 billion in promotional payments was made for 13 million retirees in 2020. While the planned holiday bonuses for Eid al-Adha 2020 are expected to be paid between July 27 and July 30, the Social Security Institution will announce the exact payment schedule. Meanwhile, those who become newly retired before these dates will also be able to benefit from the provided measures.
Holiday Bonus Payments Will Be Determined Based on Share Ratios
Holiday bonus payments will be determined based on share ratios. For retirees, the holiday bonus is paid as 1,000 TL. Widows and orphans receive a holiday bonus proportional to their share of the pension they receive. For citizens receiving survivor’s pensions from both a spouse and a parent, the holiday bonus will be paid according to the file with the higher pension amount. Disabled retirees who retired on disability grounds also receive holiday bonuses in full.
In addition, people who suffered a workplace accident and receive permanent incapacity payments are also eligible for a holiday bonus. The amount paid is calculated based on the permanent incapacity report issued in their name. If an individual receives a 50% incapacity payment, for example, they would receive a 500 TL holiday bonus.
July 2020 Retirement Pensions Will Be Increased
July 2020 retirement pensions will be increased. As in every year, pension payments for 2020 will be transferred to accounts with the applied raise. Retirees receive adjustments in January and July each year based on the determined inflation rate. For 2020, the increase is based on the inflation rate for the first six months. According to the Central Bank’s expectation survey, the Consumer Price Index (CPI) estimate for June is 5.09%. In this context, pensions will rise and additional income for retirees will increase.