Turkey Hikes Pension and Maternity Spending
Turkey expects to spend an additional 50.4 billion lira ($1.38 billion) on higher retirees’ allowances and maternity benefits this year, an impact analysis report showed on Thursday.
A bill submitted to a parliamentary commission by President Tayyip Erdogan’s AK Party includes an increase to the Eid holiday allowances paid to 15.5 million pensioners by 1,000 lira ($27.32). There are also changes to maternity and child allowances in an effort to halt a declining birth rate.
The report, prepared by the AK Party, said the Eid allowance rise will amount to 28.4 billion lira for the 2025 budget while maternity allowances will cost an additional 22 billion lira.
The increase in maternity and child allowances is expected to total as much as 337 billion lira in five years, the report said.
Faced with declining birth rates, Ankara declared 2025 the “year of the family” and promised incentives to boost fertility rates.
Opposition politicians say the proposed increases will not be enough to lift birth rates given the tough economic climate.
Source: Reuters
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