Turkey – Social Security Seniority (Severance) Ceiling Amount Increased
Mercans, a leading Turkey payroll outsourcing, PEO/GEO, employee leasing, recruitment and BPO services provider, has published Turkey payroll outsourcing alert. Subscribe to Mercans’ Turkey payroll outsourcing alerts to ensure that you are always up-to-date with the lasted regulatory changes in Turkey labor and payroll compliance requirements.
Effective from 1 July 2020, the government of Turkey has increased the Seniority (Severance) Ceiling Gross Amount to 7,117.17 TRY. The new amount will be in effect through July 2020 and will be updated in January 2021 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.
Mercans’ Turkey Payroll Outsourcing Solutions
While Mercans’ Turkey Payroll Outsourcing alerts will allow you to stay on top the latest development in Turkey ‘s payroll regulations, you should still get in touch with Mercans’ Turkey payroll outsourcing, compliance, PEO/GEO and BPO specialists for a free consultation on setting up fully compliant payroll and HR functions. Better yet, outsource your payroll and HR activities in Turkey to Mercans and our Turkey payroll outsourcing experts will ensure that your employees will always be paid on time and in accordance with the Turkey regulations.
Download PDF: Mercans Turkey Payroll Outsourcing Alert
Also read: Payroll in Turkey