What are the statutory pension benefits in the Republic of Turkiye?

In the Republic of Turkiye, employers must automatically enroll employees under 45 in a private pension plan. Key details include:

• Employers are responsible for withholding the employee’s contribution and remitting it to the pension administrator within 1 business day following the salary payment.
• Employees have the option to opt out of the private pension plan within 2 months of receiving notification of their automatic enrollment.
• Employers face fines if they fail to automatically enroll employees in the pension plan.