The ‘Employer Group Pension Plan’ offered to employees by employers aiming to add extra value to the lives of their employees provides special benefits to both employees and employers, providing satisfaction for both parties. "Private Pension Plans" contribute to the long-term employment of the existing staff as well as to the participation of the new and quality workforce in the company.
OYAK GRUP SİGORTA ve Reasürans Brokerliği A.Ş. develops models that will contribute to the more efficient operation of the workforce within the organization by creating group pension plans that are in line with the changing needs and priorities of the organization over time. Services offered in this context;
- Establishing a pension plan that best suits the needs and expectations of the company by taking into account the company's sector, employee profile, HR policies and company culture,
- Alignment of the prepared pension plan with other benefits,
- Comparison of Plan contents and securities (benchmarking),
- Preparation of documents and visuals related to the plan,
- Organizing training programs to inform personnel about the plan,
- Informing about the new and emerging retirement market, practices and new regulations,
- Organizing employee satisfaction surveys.
Employer Group Pension Scheme:
Employees who love their job, who are committed to their institution, who can do productive work are the dream of almost all employers. Employees, on the other hand, want more than anything an employer who cares about him or her and does his or her best to raise the living standards of his or her employee. It's easy now to make these dreams come true! The Employer Group Pension Scheme, which we offer exclusively to institutions, provides special benefits to both employees and employers, ensure the both parties to be happy.
- Low management expense
Pension plans offered to organizations that want to contribute to the future of their employees through individual pension payment have more attractive conditions than those offered to individual participants. Organizations are provided with special benefits such as low management expense and entry dues deductions, depending on criteria such as the number of employees and participants of the group, total fund size.
- You make a difference than other employers
Companies that offer their employees additional opportunities, such as private pensions, are preferred by employees as a priority. In this way, you have an increased chance of employing and retaining qualified employees.
- Productivity of the employees increases
The Private Pension System is at least as effective as a salary increase in terms of raising the motivation of employees. The employer who pays to the system on behalf of the employee makes significant gains such as increasing the motivation and loyalty of the employees to the institution.
About Entitlement Practice:
In order to qualify for these contributions paid on their behalf, employees who are paid monthly contributions by their respective institutions must have worked for a certain period of time in their company. This period is called entitlement period application and cannot exceed 7 years from the date of entry into the group retirement agreement of the participant. Various changes were made in the entitlement period application which was renewed with the regulation on private pension on 09 November 2012. You can access the relevant laws and regulations here.
Automatic Enrollment a private pension system that aims to ensure that every Turkish citizen under the age of 45 working in the private and public sector makes additional savings towards their retirement through their employers and gets a second income.
The main advantage of this system, which is also called mandatory BES, is that the state provides a one-time support of TRY 1,000. Being included in the automatic enrollment system is a mandatory practice.
The following contributions are provided to the employee by the policy:
- State contribution in the amount of 25% of the paid contribution amount,
- State contribution in the amount of 1000 TL if the employee does not terminate the policy after the two-month beginning period,
- Additional 5% state contribution, if the employee prefers to use the retirement right as 10-year income policy.
The state contribution is calculated as a commitment and recorded in the employee's state contribution account. These pledged amounts are paid in cash to the employee's account associated with the state contribution according to the entitlement rates determined below, depending on the duration of the contract in the system.
The employee gets right tu use the amount in the automatic enrollment state contribution account in the following rates;
- 15% for at least 3 year,
- 35% for at least 6 year,
- 60% for at least 10 year,
- 100% in case of retirement, death or permanent disability.