Retirees are experiencing a significant decline in living standards due to economic hardships.
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According to a report by Sözcü Gazetesi, retirees in Türkiye have begun living below the poverty line. The declining purchasing power of pension payments amid inflation has made it increasingly difficult for the retired population to meet basic needs.
Payment increases made to improve retirees' situation are reported to be lagging behind rising living costs. Food, energy, and rental expenses in particular are placing a heavy burden on retiree budgets.
Retirees in Turkey are forced to live below the poverty line because pension increases are not keeping pace with inflation. Sharp increases in food, energy and rental costs have created serious budget constraints in fixed-income retiree households; many retirees have begun cutting back on basic necessities.
If you have retiree relatives or are yourself retired, the size of upcoming pension increases will directly affect your pocket. The erosion of purchasing power in the retiree segment will accelerate reform discussions in the social security system, and these discussions will begin to shape budget and tax policies in 2025.