lump sum payment – Muhasebe News

Turkey’s Social Security Agreements with 28 Countries!

MuhasebeNews — Tue, 09 Apr 2019 06:03:11 +0000

Social Security of Our Citizens Working Abroad
Social Security Agreements provide various rights such as;

Equal treatment of citizens of both parties in terms of rights and obligations,
Aggregation of periods of insurance completed in the territory of the other contracting party for the determination of entitlement to a benefit,
In case of an illness, the insured person and his/her family members can avail themselves of the right to healthcare benefits while staying in the territory of the other contracting party,
Family members can avail themselves of the family benefits (child benefits and increments) while residing in the territory of the other contracting party,
Entitlement to a retirement pension for an insured person, who attains the required age after returning to the other contracting party,
Continuing to receive the pension, acquired regarding the employments in one of the contracting parties, after transferring of the residence to the other contracting party,
In case of death of the insured person, family members residing in the territory of the other contracting party can be entitled to a widow’s or orphan’s pension and a lump sum payment as the survivors of the deceased.

Accordingly, those who will avail themselves of the provisions of the agreement are considered equal in the legislations of the contracting parties to the citizens of that country in terms of rights and interests through a common and key provision of the agreements. Thus our citizens employed in the contracted countries and their dependents can benefit from their social security rights under the same conditions as the nationals of that country.

As a result of the social security agreements, our citizens in Turkey have the opportunity to avail themselves of their social security rights, arising from the legislation of the other country and acquired with respect to long and short term insurance branches. In addition to the insured person himself/herself, his/her family members living with him in the country of employment, the family members living in Turkey can benefit from this right.

Turkey has signed Social Security Agreements with 28 countries. These agreements are enumerated in the table below.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

What are the Conditions in order to get Additional Pension in the Netherlands?

MuhasebeNews — Tue, 10 Oct 2017 13:00:50 +0000

1- WHAT IS WORKPLACE PENSION SYSTEM (ADDITIONAL PENSION) IN THE NETHERLANDS?
There is a workplace pension system in the Netherlands in addition to general old age pension system and this system is a completely private system. There is either a pension fund in the workplace or business pension funds. If private pension fund is deducted from the salary during the term of employment, that employee who works for this fund will have a right to have pension. If a person works for different workplaces, each workplace may have different pension fund or the rights in these funds may be collected in a single fund.

2- WHEN SHOULD ONE MAKE AN APPLICATION FOR OLD AGE PENSION?
When one is 65 years old, he/she can claim for old age pension by applying to private pension funds.

3- HOW SHOULD LUMP SUM PAYMENT BE MADE FOR A PERSON WHO WOULD LIKE TO BE RETIRED?
If salary’s annual gross amount is less than 420 Euro, a lump sum payment should be made to a person who would like to be retired and he/she will be discharged from this fund.

***Gross amount should be paid to you without deduction, whether you are paid monthly or you get a lump sum payment. If there is a deduction in the payment, you should make a contact with Turkish Consulates or Turkish Attachés’.

Source: Ministry of Labor and Social Security

If an Employee Leaves his Job in Order to Receive Lump Sum Payment, Will He/She Have a Right to Get Seniority Indemnity in Turkey?

MuhasebeNews — Tue, 13 Jun 2017 07:46:15 +0000

1- WHAT IS LUMP SUM PAYMENT?
Lump Sum Payment: If an insured employee fulfills the age limit that is required for retirement even though he/she cannot fulfill number of days for premium payment and/or insurance period, he/she will not have a right to get pension. In this case, the insured employee may demand his/her premium payments as a lump sum payment.

2- IN CASE OF THE DEATH OF AN INSURED EMPLOYEE, TO WHOM SHOULD LUMP SUM PAYMENT BE MADE?
In case of the death of insured employee, lump sum payment should be made to beneficiaries if employee’s beneficiaries do not have a right to get widow’s pension because insured employee does not fulfill number of days for premium payment and/or insurance period.

3- IN AN EMPLOYEE LEAVES HIS JOB IN ORDER TO RECEIVE LUMP SUM PAYMENT, WILL HE/SHE HAVE A RIGHT TO GET SENIORITY INDEMNITY IN TURKEY?
If an employee leaves his job in order to receive lump sum payment, he/she will have a right to get seniority indemnity.

Because it is considered that it is a valid reason to leave the job in order to receive lump sum payment in line with article 14 of the Labor Law numbered 1475.

Source: Labor Law