Compulsory Benefits

 

Main aim of OYAK is to secure its members future.

OYAK manages the contributions collected from its members to this end in a professional manner through an approach of portfolio management and these assets are utilized in different fields of investment.

Pension Benefit is the payment to resigned members; who have contributed to the system for minimum 10 years or more. No payment is made to those whose duration of membership is less than 3 years. The contributions of those whose duration of membership is between 3 and 10 years are returned there to without any dividend.

Besides, the services offered by OYAK within the scope of the Law No. 205 are listed below:

  • If members cannot fully or partly fulfill their duties for reasons such as accident or disease, “Complete and Permanent Invalidity Benefit” or “Partial Invalidity Benefit” is provided.
  • In case of death during active membership, “Death Benefit” is provided to the legal heirs of the relevant members.
  • Members who have completed 29 years as members (those who pay subscription fees to OYAK for at least 348 months) or for whose retirement at most two years remain due to the lack of available positions borrow additional compulsory benefits and dividends in their reserves through the “Lump-sum Loans of up to 80% of Member Reserves” on the condition that this amount does not exceed 80% of their reserves on the date of request.
  • Members can also make use of the service of “Reserve Officer Service Amalgamation” which allows for uniting the service as Reserve Officer with the permanent membership of OYAK.
  • Members can also make use of the service of “Service Reclamation” which allows for making up for the deficiency in the period of permanent membership by paying within their active duty the debts of subscription fee for the periods during which they have not paid any contribution for various reasons (except for desertion cases).