The Republic of Turkey is located in the Anatolian Peninsula in Western Asia and a small portion in the Balkan Peninsula in Southeast Europe. The country is considered one of the world’s newly industrialized countries and ranks as the 20th largest nominal GDP in the world. The freedom score of Turkey is 56.9, making the economy 107th freest in the 2022 list.
Istanbul, Ankara, Izmir, Bursa
IT Specialist, Project Manager, Business Analyst, Engineer
The residents of Turkey are taxed on their worldwide income, but they may be eligible for foreign tax credits if the money was earned in certain countries.
The income taxes for residents of Turkey are below —
The contribution that both employers and employees pay toward social security is a mandatory requirement in Turkey.
The rate of contributions are as below —
The employee benefits that an employer must provide their employees in Turkey include -
In Turkey, fringes benefits are given to employees. These can be either monetary or non-monetary depending on the business requirements and budgets set for providing them as well as what goals one might want their company reach through this practice of offering perks that help attract quality staff members who will work hard towards achieving those objectives.
Currently there is no exempt benefits in Turkey.
Long-term incentives are a great way to keep employees happy and motivated. They can include stock options for key executives or senior employees, which gives them more reason not only to work with you, but also to recommend others on the team who might be interested.
In Turkey, employment contracts can be in oral form, but writing is highly recommended. If the term of the labor contract exceeds one year, it must be in writing. If one party to the Labour contract is an enterprise engaged in commercial activities in Turkey and the contract is to be performed in Turkey, the written Labour contract must be concluded in Turkish.
Contract termination notice periods range from two to eight weeks, depending on the employee's length of service.
In most cases, employees are entitled to severance pay if they have completed one year of service.
Severance pay is calculated according to the principle that each year of service is converted into one month's salary.
In addition, upon leaving the company, the employee may also receive unused annual leave compensation and other benefits, subsidies and other additional incentives.
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