Untitled Document
Tourism crisis and coup attempt hit unemployment
Government's plans for our sector in 2017
Demir Hayat now owned by EMF New Europe Insurance Fund
Government rethinking their plans for mandatory private pensions
Translation of Sectoral Announcement no 2007/21
Translation of Chain-Ladder Method Circular
Translation of General Conditions for Loan Insurance
There's no such thing as a free lunch or a free assistance rider!
Rent protection
Translation of Amendment to Life Regulations
Untitled Document population premium waiver Aegon 2012 death Katılım Hayat ve Emeklilik 2023 health Islamic finance Asya Emeklilik
Untitled Document
Untitled Document
Tags
Search Tag : automatic enrollment
Articles
Government rethinking their plans for mandatory private pensions
 

 Back in May Deputy Prime Minister Mehmet Şimşek announced draft provisions for mandatory private pensions as part of the BES system. Following criticism from trade unions and reservations expressed by employer confederations it seems that the government are rethinking their plans.

 The press is reporting that the initial plans have been temporarily shelved. They anticipate a revision being announced in the autumn, and in the meantime expect the government to consult more widely with unions, employers and the insurance sector.
 
read more
 
Government's plans for our sector in 2017
 

Insurance companies have by now completed their business plans and projections for 2017. In the same way, governments also prepare their task list for the insurance sector in the New Year.

In Turkey we can obtain financial information about these projects from the Draft Budget Booklet for 2017 prepared by the Under Secretariat of the Treasury and submitted to Parliament.
 
We were already expecting automatic enrollment in the Private Pension System to feature in these plans. Other key items include:
 
read more
 
Staggered start to Automatic Enrollment
 

1 January 2017 sees not only the first day of a New Year, but also the start of Automatic Enrollment into the Private Pension System in Turkey.

But it would be practically impossible for insurers to enroll and set up every single employer in the country with a BES pension plan in time for the first deductions from payroll at the end of January.
 
So the government is authorizing a staggered start to the system: only employers with 1000 or more employees will have to join the system on 1 January 2017. Others will be added on over the next 2 years until all employers with 5 or more employees will be covered by the system on 1 January 2019.
read more
 

www.turkeyinsurance.info © Marion James 2014 All rights reserved.