Payments and Clearing in Payroll Turkey
Electronic payment systems
TIC-RTGS (Turkish interbank clearing – electronic funds transfer system) is the real-time gross settlement system of Turkey. TIC-RTGS transfers and settles domestic payments in Turkish liras between banks.
Also, this, which stands for Turkish interbank clearing – electronic security transfer and settlement system, works in an integrated manner with the TIC-RTGS to electronically transfer and settle turkish government securities with the « delivery versus payment » principle.
In general monthly payments are made via bank transfers
13th month and bonus payments
Bonus payments are not compulsory. However in some companies, employees receive quarterly bi-annually and annual bonuses.
Tax year runs from 1st January to 31st December. There are no annual reporting requirements by the employer, although the employer sends leaver’s earnings statements to the tax office by the 20th of January of the following year and an employee’s earnings report to the tax office by 20th of February of the following year ?
Social security contributions and reports can be submitted electronically for the time being.
Trade unions exist in both the private and public sector, but civil servants do not have the right to strike. Members have the rights to :
– Participate in union meetings and have the right to vote on the issues under consideration
– Criticize, file complaints and resort to court litigation against the actions or decisions taken by the unions
– Withdraw or resign from the union, equal treatment, and benefit from the service activities of unions
– Convene the general congress by the written request of at least one-fifth of its members.
There is no worker councils system in Turkey.
More informations about our Payroll Turkey services on our website. Please be in touch with our team based in Istanbul if you are looking for an umbrella company turkey.