Government bonds will pay up to 100% of retirement

Payment for the retired

In accordance with the Executive Order 99, dated September 2, the state would pay the full financial compensation for retirement or voluntary retire of the bureaucrats in government bonds.

This reform was published three days ago in the Official Gazette. The document amends Article 288 of the Regulations of the Public Service Law.

The previous legislation that, in case there is no budget availability, the state would pay 50% in bonds and half in cash. However, the current legislation is “the financial compensation to be canceled in government bonds if there is no sufficient budget availability, otherwise it would be paid in cash.”

Workers whose ages range between 60 and 69-years-old may apply to this measure. According to Article 129 of the Public Service Law (LOSEP), the payment that corresponds to those retiring is five basic wages for each year of service, from the fifth year of work in the state entity.