The Ministry of Economy and Finance and the Ministry of Labour and Vocational Training issued the Joint Prakas on the Implementation of the Social Security Pension System for Persons under the Provisions of the Labour Law, dated 28th June 2022.

The Prakas states that from 1st July 2022 the pension system is scheduled to implement in accordance with the Sub-Decree on the Social Security Pension System for Persons under the Provisions of the Labour Law.

According to the Sub-Decree, the pension premium is equivalent to 4% of wages, of which 2% each is to be paid by employer and employee.