The Regulation on Terms and Procedures for the enrolment to the individual pension savings insurance of the employees into a pension plan through their employers was published in the Official Gazette issued on 02 January 2017 under no 29936.

This Regulation intendeds to determine workplaces and employees to be admitted on the pension plan under the policy whereby employees are to be automatically admitted to a pension plan through their employers as well as to set the rate of employee contribution share to be deducted from the wages of the employees and to lay down such terms and procedures to enforce the Regulation.

a. Minimum wage

The decision of the Minimum Wage Determination Commission related to the minimum wage amount applicable in 2017 has been published in the Official Gazette dated 30 December 2016 and numbered 29934.

The Law on Amendments to the Public Fiscal Administration and Control numbered 6761 and other regarding regulations have come in force upon its publication in the Official Gazette numbered 259898 issued on November 24, 2016.

As stated in the Article 8 of the 6761 numbered Law and the term “6.5 times” mentioned in the Article 82 of the Law no. 5510 on Social Insurances and General Health Insurance Law no 5510 (enacted on May 31, .2016) has been re-evaluated and changed to “7.5 times”.

A new law numbered 6740 with the title: “Law on Changes to be made on the Individual Pension Savings and Investment System Law”, has been announced in the Official Gazette dated August 25, 2016.

With the release of the aforementioned law, the law numbered 4623 entitled “Law on The Individual Pension Savings and Investment System Law” has had an additional article added to it.