Turkey: failure for compulsory pension fund contribution system
On 12 June, Turkey’s deputy prime minister for economic affairs Mehmet Simsek acknowledged that the country’s individual retirement system (BES) had partly failed. Under the system, all Turkish companies with more than 1,000 employees have been obliged as of January 2 to claim a sum – equivalent to 3% of gross pay – from the salaries of staff aged under 45, which is meant to be paid into one or numerous pension funds (see article n°10007).
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