Turkey Introduces New Social Security Law Number
In circular 2023/19, dated April 14 2023, the Social Security Institution of Turkey has introduced the procedures and principles of the 5-point SSI premium incentive for employees who have opted for early retirement within the scope of Emeklilikte yaşa takılanlar (EYT).
An employee who has completed a minimum of 5,000 premium days (depending on their age) will be eligible for EYT. Employers may apply for the incentive through the e-SGK website where a new law number, Law Number ‘15510’, would be assigned to the employee. The rate applicable for employer contribution would be 19.5% (24.5%-5%) whereas the employee contribution rate would remain unchanged.
The incentive will only be applicable at the last workplace where the employee worked before they were granted old-age or retirement pension for the first time. Where an employee opted for retirement and is subsequently terminated, the provisions of this law will not be applicable again even if the employee is rehired by the same employer.
Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change
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