A new regulation is coming to severance pay payments. Citizens who are laid off will be able to receive increased severance pay. Here are the details about current severance pay in our news…
An update will be made regarding the severance pay payments that insured employees benefit from in case they leave their jobs or retire. It is known that the second increase in the increased payments in 2024 will occur in July. So, how much are the 2024 current severance pay floor and ceiling payments? How much will the severance pay be in July 2024? By what percentage will the severance pay increase be made? Here are the details about the severance pay increase…
SEVERANCE PAY WILL BE ADJUSTED IN JULY
Payment of severance pay is seen as an important assurance for citizens working in Turkey. At the beginning of the year, along with the increase in the minimum wage, the pensions of civil servants and retired civil servants, SSK and Bağ-Kur pensions, severance pay payments were also increased. It is known that severance pay will be rearranged with the salary increase in July. Citizens are wondering how much their severance pay will be.
Citizens have the right to severance pay in cases of retirement, military service, marriage, and in cases of resignation from work due to their own fault or against their will. In order to receive severance pay, certain conditions must be met. Accordingly, you may be entitled to receive severance pay calculated based on the last gross wage.
WHAT ARE THE CONDITIONS FOR RECEIVING SEVERANCE PAY?
Employees in our country are entitled to severance pay under certain conditions. In order to benefit from severance pay, the employee must have been working at the workplace as an insured person for at least 1 year. In case of leaving the job for a reason other than one’s will, such as military service for men or marriage for women, a justifiable termination condition should be a condition for termination. The request for severance pay must be made before the statute of limitations expires. Additionally, in case of termination due to health reasons, an application for severance pay can be made. In case of death of the insured, his or her heirs can receive severance pay.
JULY 2024 SEVERANCE PAY INCREASE
Civil servant salary coefficient will increase in July. It was announced that the estimated salary increase rate, depending on the 6-month inflation rate, is 20.02 percent. If the estimated rate is increased, there will be an increase of 7 thousand 19 TL. In this case, the severance pay ceiling will exceed 42 thousand 77 TL. Only stamp duty is deducted from severance pay. In this case, the maximum severance pay payment with stamp duty deduction is 41 thousand 757 TL. It is stated that it will be advantageous for citizens who are considering leaving their jobs and whose gross earnings exceed 35 thousand 58 TL, if they wait until July.
WHO WILL BENEFIT THE JULY 2024 SEVERANCE PAY INCREASE?
The severance pay increase in July will be beneficial for civil servants. If the minimum wage is increased, severance pay will be paid more advantageously in July for insured people working with this wage. Citizens whose salaries will increase in July or within 1 year after July will be able to benefit from increased severance pay.
