Complementary Pension System Details

The new complementary pension insurance system (TES) that is being studied will start on January 1, 2022. The new complementary pension insurance system (TES), studied by the relevant ministries, has been a matter of curiosity by the citizens.

The eyes were turned into details of this study.

WHAT IS THE COMPLEMENTARY PENSION SYSTEM?

The TES system was designed as a system aimed at generating additional pension income and increasing household savings, which will compensate for the loss of income in retirement, maintain the working standards of the working period.

It is planned as a second-level pension system by the employee, employer and the state, where the cash contributions to the individual account of the employee will be directed to investment in pension investment funds and the selection of these funds and the distribution of savings among the funds will be made by the employee.

WHICH CONDITIONS WILL PARTIAL OUTPUTS FROM THE SYSTEM

Participants who have not completed the age of 60, if requested, for each of the reasons such as one-time marriage, one-time unemployment, first housing acquisition and severe illness, 10 percent of the accumulation amount in the individual retirement account and multiple benefits. In case of partial withdrawal, payment can be made for all of the partial traction situations in any case not to exceed 20 percent of the partial exit rate.

APPLICATION WHAT ZAMTHE MOMENT WILL START

The system will start as of January 1, 2022 and all private sector employees will enter the new system. All employees within the scope will be included in the mixed TES, then the person who wishes will be able to switch to TES on demand.

WHAT WILL HAPPEN TO THE COURT OR INTERMINDER

Since past rights are protected, there will be no change in the compensation for the legal process.

CAN IT BE COMBINED WITH BES, OKS AND TES ACCOUNTS

If the person has an OKS account, they can remain within the scope of OKS. It will continue for those who prefer BES and OKS system.

HOW TO PROTECT PAST KIDEM RIGHTS

With the enforcement of the law on January 1, 2022, all employees' rights related to the past period, subject to severance pay, will be protected in the same way. Transition to mixed TES will be made by securing the employee's rights regarding severance pay for working periods before this date.

Therefore, after January 1, 2022, the employee who left the job to qualify for severance pay will be able to receive past severance pay and no transfer will be made to the new system.

WHAT WILL BE THE INDIVIDUAL FUND ACCOUNT WHEN THE WORKING COMPANY CHANGES

If the employee is dismissed or resigned, except for the reason of right termination, the accumulated amount of the period in the last firm he worked in will be preserved exactly.

Will the money in the Fund be given collectively?

When the person retires, he will be able to receive a mass payment of up to 25 percent of the amount accumulated in his account. The remaining amount in the individual fund account will be paid monthly.

WILL THE WORKER WILL BE PAID IN THE STATE OF RESPONSE?

If the worker resigns from his job for less than a year, only the contribution of the employee will remain in the individual fund account. In the event of leaving the jobs that have been working for more than one year by resigning, the premiums paid to the individual fund account will continue to be included in the account without loss, and be accrued in the funds.

Employees will be able to take this at partial exit or retirement age depending on the conditions of exit from the system.

WHAT CONDITIONS WILL FULLY EXIT FROM THE SYSTEM?

Exiting this system, which does not have the right to withdraw and leave, will be in the death or disability of the employee when the retirement period ends. When the employee retires, he will be out of the system when his monthly period ends.

THE EXCLUSIVE COMPENSATION OF EXISTING EMPLOYEES WILL BE TRANSFERED TO THE FUND

No new arrangements will be made regarding the accumulated severance pay, and when the employee is dismissed to deserve severance pay, he will receive the severance pay.