Employee Benefits in Turkey, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Turkey, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

The Turkish social security system is largely like the Continental model, with employee contributions made according to their insurance and payroll status. Contributions are collected in a joint pool and pensions are paid, upon becoming eligible, according to contributions made. From 1990, several financial problems arose in the Turkish social security system due to the implementation of early retirement, an increase in unregistered employment, and low rates of contributions and income subject to contributions. The system does not cover the entire population and does not have sufficient protection against poverty. This unsystematic method limited consistency in standards concerning employee rights and obligations. Social security reform was introduced in 2008 to address these issues.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Turkey, including an overview of the state and compulsory benefits in Turkey, detailed information about the private benefits in Turkey, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Turkey.

Key Highlights

• The Ministry of labor and social security, Social security Institute, and Turkish employment agency organizations are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
• In Turkey, employers provide voluntary retirement benefits to their employees through occupational pension schemes and annuity

Scope

This report provides a detailed analysis of employee benefits in Turkey -

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, compensation, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Turkey

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies