According to an informed official, Turkey plans to reduce state subsidies to the private pension system totaling 2 trillion liras in order to cut expenses and reduce the fiscal deficit. The government currently provides a subsidy of 30 per cent of individual pension contributions, but plans to reduce this ratio to 20 per cent. According to the latest data, more than 10 million Turkish citizens have participated in such funds, and the total amount of state subsidies has reached 220 billion liras. The total value of state subsidies has increased by nearly 83 billion liras compared to a year ago, with an annual growth rate of 60%. The move, if approved by President Recep Tayyip Erdogan, will ease the Ministry of Finance's financing needs and may help the authorities curb inflation.

According to an informed official, Turkey plans to reduce state subsidies to the private pension system totaling 2 trillion liras in order to cut expenses and reduce the fiscal deficit. The government currently provides a subsidy of 30% of individual pension contributions, but plans to reduce this ratio to 20%. According to the latest data, more than 10 million Turkish citizens have participated in such funds, and the total amount of state subsidies has reached 220 billion liras. The total value of state subsidies has increased by nearly 83 billion liras compared to a year ago, with an annual growth rate of 60%. The move, if approved by President Recep Tayyip Erdogan, will ease the Ministry of Finance's financing needs and may help the authorities curb inflation.