Oğuzhan Hasipoğlu confirms 40,000 TL payment for retirees

Oğuzhan Hasipoğlu, the Minister of Labour and Social Security, has confirmed that approximately 48,400 social insurance retirees will receive a 40,000 TL payment in November. This payment, totaling roughly 1.9 billion TL, represents about 10 percent of the Social Insurance Fund’s projected year-end revenue of 19 billion TL. Hasipoğlu defended the decision against internal government criticism, stating that the fund is well-managed and possesses high surplus value. He also announced that a 13th-month salary payment is planned for early December.

The decision has sparked debate within the government. Economy and Energy Minister Hasan Taçoy previously expressed opposition to the 40,000 TL payment, arguing it was not the correct application.

In response, four major economic organizations—including the Cyprus Turkish Employers Association and the Cyprus Turkish Chamber of Industry—issued a joint statement. While stating they do not oppose supporting retirees, they have called for transparency regarding the legal and financial basis of the payment. The organizations expressed concern over the impact on the Social Insurance Fund’s long-term actuarial balance and requested clarification on how such an extraordinary expenditure affects the fund's stability, especially given the current national debt and budget deficit projections.