Page 23 - TurkInsurance Digital Magazine

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5th phase of auto-enrollment

Pension Monitoring Center and Habertürk TV organized a
panel at Dudullu OSB DES Trade Center Conference Room on
26 June 2018 within the scope of the project “We meet for
your retirement, Turkey is getting BES’ed.”

Erol Öztürkoğlu, General Manager of Fiba Emeklilik gave a
speech during the panel where Individual Pension System and
auto-enrollment were discussed from all aspects; and gave the
audience information on the chronological progress of the sys-
tem. Stating that more than 60 thousand institutions including
public ones were included in the system in one and half years
since the initiation of auto-enrollment, Öztürkoğlu said num-
ber of participants in the entire pension system reached 11
million. itiated as of 1 January 2019 to encompass business with 5 to
10 employees, Öztürkoğlu added: “Turkey implements one of
the most generous pension systems in the world. Considering
Öztürkoğlu gave the following information about the new term
that is also called the 5th phase: “We are expanding to the even only the state subsidy funds, you seriously should decide
general public as of June. 200 thousand businesses and near- to stay in the system. Turkey is a rapidly aging country; there-
ly 4.5 million employees will join the system within the next fore, if we age in poverty, we end up in a negative picture in
month. Business owners need to start negotiating with pension terms of both our individual positions and the position of our
companies starting from 1 July. As pension companies, we state. That is why; employees should use such an advantageous
have made the process much easier thanks to technological system to save money. It is highly critical for their future.”
solutions. Contracts are issued immediately using technolog-
ical systems. In order to avoid financial penalties, employers ‘Fund size of 84 billion TL may grow by 5 to 10 times’
need to transfer minimum 3 percent of employees’ income tak-
en as basis to premium to the contracted pension companies. Mustafa Akmaz, General Manager of Pension Monitoring
Otherwise, according to the legislation, penalties will be im- Center (EGM), summarized the common mission of the struc-
posed. Therefore, business/employers need to take this matter ture shared by 18 pension companies and the Undersecretariat
seriously.” of Treasury in following words: “Ensuring that the pension
market operates safely and efficiently, conducting supervision
Businesses with 5 to 10 employees will join the system and auditory tasks commissioned by the Udnersecretariat of
as of 1 January Treasury. In short, we collect all manner of data that is stored
in the system. We analyze and report it; conduct the necessary
processes for the state-subsidy system, and monitor compli-
Saying that the following phase of auto-enrollment will be in-
ance with the rules imposed by the legislative authorities.”

“Value for Unimpeded Life” Insurance from BNP Paribas Cardif Emeklilik

BNP Paribas Cardif Eme- with different payment options such as cash or credit card pay-
klilik launches an insurance ments in installments.
product called “Value for
Unimpeded Life” to provide Cemal Kişmir, General Manager of BNP Paribas Cardif Turkey,
financial protection against stated: “Share of disabled population in Turkey stands at 6.9
the risks of dangerous disa- percent; and 5 million people have at least one disability. When
seas and death for the rela- we include the families and relatives who are responsible for
tives of disabled people. The the care of these people, we see that the number of people who
product offers coverage for require assistance for disabilities reaches considerable levels. As
the future and continued care BNP Paribas Cardif Turkey, we have determined our mission
of the disabled family mem- as “We are here to protect what is valuable for you, today and
ber, in case one of the risks tomorrow”. We believe that we should create value for disabled
stated in the policy is real- people and their families, too. Therefore, we are really happy
ized. In addition to the stand- to offer “Value for Unimpeded Life” Insurance that provides
ard policy coverage, this prouct offers assistance services such financial assurance for the families and relatives of disabled
as psychological counseling, savings plan for medication, or people and protects the futures of disabled people.”
physical therapy. The product is offered via TEB Bank branches