Pensions in Turkey

Pensions in Turkey

In Turkey, pensions can be public or private.

The state pension administrative organ in Turkey is called Social Security Institution (In Turkish: Sosyal Güvenlik Kurumu – SGK). SGK is collecting insurance contributions from employers and employees. Those who pay contributions to the SGK during the necessary time required, to SGK, become eligible for an SGK pension. The the size of their pension is determined by the amount of contributions paid until the time that the employee reaches retirement age. (For more details: www.sgk.gov.tr)

According to Turkish pensions system, people can use the private pension funds administered by insurance companies operating under Turkish law.

There is also auto enrollment in Turkish private pensions system, which intends both to increase domestic savings of the country and retirement earnings for participants.