Tukey Payroll Outsourcing Alert – Social Security Seniority (Severance) Ceiling Amount Increased
Turkey payroll outsourcing leader issues a statutory alert for Turkey.
Mercans has alerted its Turkey payroll outsourcing clients of Social Security Seniority (Severance) related changes. Effective from 1 January 2020, the government of Turkey has increased the Seniority (Severance) Ceiling Gross Amount to 6,730.15 TRY. The new amount will be in effect through June 2020 and will be updated in July 2020 for the following 6 months.
The above ceiling is applied to the average monthly compensation for the calculation of severance pay at the time of employment termination.