The date for certain individuals to re-enroll in Turkey’s auto-enrollment pension scheme (OKS) has been postponed until 2022, announced the Insurance and Private Pension Regulation and Supervision Board. The OKS was launched in 2017 for employees younger than 45 years who work for companies with 50 or more employees, and extended in 2018 to employers with 10 to 49 employees, and in 2019 to employers with 5 to 9 employees.
The postponement will only impact employees who opted out of the OKS in 2017. Under the terms of the OKS, employees who opted out can re-enroll three years later at the earliest, although the finance ministry reserved the right to bring forward the re-enrollment date by one year, or postpone it by five years. To re-enroll, affected employees must still work for the same employer and be under the age of 45. Employees will be allowed to re-enroll only once. Currently, employers do not need to take any action, and further details are expected.