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ARTICLE · 13 MARCH 2017

Compulsory Individual Pension System

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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An individual pension system was introduced in Turkey in 2001 with the Law on Individual Pension Savings and Investment System ("Law") No. 4632.

TurkeyEmployment and HR
Gönenç Gürkaynak
Gönenç Gürkaynak
Ceyda Karaoğlan Nalçacı
Ceyda Karaoğlan Nalçacı
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An individual pension system was introduced in Turkey in 2001 with the Law on Individual Pension Savings and Investment System ("Law") No. 4632. Since that time, the Law has been amended several times. The most recent amendment was made with the Law on Amendment of the Law on Individual Pension Savings and Investment System ("Amendment Law") which was published in the Official Gazette on August 25, 2016.

The Amendment Law made the individual pension system compulsory for many Turkish employees, with the stated goal of improving the welfare of employees. The compulsory individual pension system ("CIPS") came into force on January 1, 2017, as per the Amendment Law.

1. Employees Covered by the CIPS

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