Conexio consulting

10 ‘economic steps’ in seven months in Turkey

economic steps turkey

Before the presidential and general elections, which are expected to be held in June 2023, the government aims to influence the electorate with its successive moves. Since May, 10 economic steps, described as the “election economy”, have been taken.

Low interest loan for first time home buyers

After the exorbitant increases in house prices, President Tayyip Erdoğan announced that low-interest loans will be offered to home buyers for the first time. There are certain criteria and expected to get this loan.

3600 additional indicators

 On June 6, 2022, Erdogan announced that “a decision was made to increase the additional indicators of all civil servants by 600 points”.The scope of the regulation included the retirement bonus and pensions of civil servants who took office before 2008, and only the retirement bonuses of those who took office after 2008.

A 25 percent limitation on housing rent hikes

“It limits the rent increase to 25 percent. It will be applied on contracts that are valid and ongoing until 1 July 2023.”

Interim increase to the minimum wage

Despite the 50.5 percent increase in the minimum wage at the beginning of 2022, it was decided to raise the wages in July as a result of high inflation rates. Erdogan announced a 25 percent increase in the minimum wage on July 1.

No inflation difference will be taken in the repayment of student loans

According to the statement, “The repayments of the loans of the Credit and Hostels Institution will be in the amount of the principal, without any inflation or interest difference.

Amnesty for execution debts below 2 thousand liras

“It will be ensured that the receivables of 2 thousand TL and below, for which enforcement proceedings have been initiated before 15 August 2022, can be deducted from tax and liquidated by showing them as expenses.

Social housing project

 It is planned to build 250 thousand social housing, 100 thousand residential land with infrastructure and 10 thousand workplaces.

Credit package for tradesmen

 It has been announced that tradesmen will be given loans with a maturity of 60 months and an interest rate of 7.5 percent through Halkbank.

EYT regulation

Work on the regulation of age-at-retirement (EYT), which many citizens have been waiting for a long time, started in the second half of the year. The regulation is expected to enter into force in January 2023.

Staffing opportunities for contracted public personnel

“Those whose three years have passed will be able to immediately switch to candidate civil service; Those who have not yet filled in will get the same right at the end of three years. Accordingly, a total of 424 thousand personnel will be able to transfer to the staff.