Türkiye has lowered the state contribution rate in its private pension system (BES) to 20% from 30%, according to a presidential decree published in the Official Gazette on Wednesday.

The decision also lowers the one-time additional state contribution paid to employees who do not exercise their right to opt out of the system to TL 500 ($11.60) from TL 1,000.

The changes took effect on Wednesday and apply retroactively from Jan. 1, the decision said.