The 2024 severance pay cap is determined!

According to the "Financial and Social Rights" Circular of January 2024 ("Circular") published by the General Directorate of Public Financial Management and Transformation of the Ministry of Treasury and Finance of the Republic of Türkiye on January 05, 2024, the annual cap  of the severance pay to be paid to employees as of 01.01.2024 has been determined. 

Pursuant to Article 14 of the Labor Law No. 1475, the maximum retirement bonus that the Presidential Chief of Administrative Affairs, the highest civil servant subject to the Civil Servants Law, can receive for one year of service, constitutes the cap amount of severance pay. According to the Circular published with the announcement of the salary raise to civil servants , the cap of severance pay, which will be valid between January 1 and June 31, 2024, has been determined as TRY 35,058.58.

Should you have any queries on the above, please do not hesitate to contact us.