Turkish President Recep Tayyip Erdogan lifted the retirement age limit on Wednesday. With this act, more than two million workers can retire immediately.
Erdogan’s ruling AK Party last week raised the minimum wage as part of a campaign to win back support hit by inflation, a falling lira and a sharp drop in living standards.
Opposition parties and economic analysts think that this move is populist and that the already shaken Turkish economy will suffer a big blow after this decision.
Previously, the retirement age was 58 for women and 60 for men. It is not yet clear how much the new system will cost, but Erdogan said 2.25 million people have been given the right to retire. There are currently 13.9 million pensioners in Turkey.
Labor groups have protested against the minimum age criterion for several years, demanding that workers be required to complete a mandatory number of days of work before retirement. This action is expected to give many points to Erdogan before the June elections.
In recent years, Erdogan has adopted many unconventional economic policies that have helped to depreciate the lira.