Children to gain access to individual pension system
by Daily Sabah with AA
ISTANBULNov 09, 2016 - 12:00 am GMT+3
by Daily Sabah with AA
Nov 09, 2016 12:00 am
Deputy Prime Minister Mehmet Şimşek has said that the Turkish government is currently working on a project which will enable children under the age of 18 to participate in the Individual Pension System through their parents or legal guardians.
Şimşek spoke to Anadolu Agency (AA) about government plans to expand coverage under the Individual Pension System to include children, calling the said system one of the "most important instruments for the improvement of the welfare of retired citizens"and stressing that studies conducted over the last three years yielded positive results, compelling the government to work harder to expand the coverage of the pension system.
Şimşek said that the project is ongoing but stressed that the foreseen changes will allow children under 18 to enroll in the pension system.
The deputy prime minister acknowledged that current regulations in the legal framework of the system do include age requirements, saying that the current project will grant those who are legally unable to enroll in the Individual Pension System the opportunity to enroll under the approval and supervision of their legal guardians, likening the plan to protocols followed with regards to the banking system. Şimşek noted that international studies have pointed to the importance of acquiring prudent saving habits from a young age, adding that the changes to the Individual Pension System are expected to be completed in 2017.
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