As economic conditions and workplace standards evolve over time in our country, social security practices have also changed. These shifts became prominent in 2008 with a reform that altered retirement-related regulations. According to the current rules, the conditions required to qualify for retirement are the following:
- Required total service period
- Required retirement age
- Required number of paid contribution days
If these three conditions are met according to the Social Security Institution’s definition of retirement, a person is considered eligible for retirement.
Standard Retirement
Men who started working after September 8, 1998 can retire at age 60, provided they have completed 7,000 contribution days. For women the age limit is 58, and they must have begun employment on or after September 8, 1999.
SSK Retirement
Those who have reached age 60 and completed 25 years of insurance must also have completed 4,500 contribution days to qualify under SSK (Social Insurance) rules.
Retirement After May 1, 2008
Under the rules applicable after this date, individuals who have completed 7,200 contribution days and fulfilled their premium payments are eligible to apply for retirement.
Applying for Retirement
If you know the date when you will become eligible for retirement and you intend to submit a retirement application, pay close attention to timing. For example, if your retirement eligibility date is June 10, you should not submit your application before that date; instead, submit it immediately after that date. If you delay submission until July 1, you will forfeit one month’s pension payment. To receive your first pension payment in full starting in July, make sure to submit your application by the last week of June so your retirement can take effect on time.
Do Not Rely on Contributions Alone
Even if the required number of contribution days and the payment amounts are fully satisfied, you cannot retire before meeting the age requirement. The same principle applies to all other conditions: an individual must satisfy all three criteria before requesting to leave work due to retirement. If the workplace regulations allow, a person may continue working even after being granted retirement.