2024 fiscal year second term severance pay cap is determined!

According to the "Financial and Social Rights" Circular of July 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 July 05, 2024, the annual cap of the severance pay to be paid to employees as of 01.07.2024 has been re-determined.

As it is known, 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, the cap of severance pay, which was TRY 35,058.58 for the period of January 1 - June 30, 2024, has been determined as TRY 41,828.42, effective from July 1, 2024.

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