Esteemed Members, Esteemed Employees, Esteemed Business Partners,
As the year in which we celebrated the 100th anniversary of our Republic, 2023 was a year in which we provided a strong contribution to our country, our economy, our members, our employees and all of our stakeholders. Despite all the myriad of difficulties experienced in the world and in Türkiye, we are proud of what we achieved together. One of Türkiye's most established organizations, OYAK will move to the future with an approach centred on reliability, transparency, efficiency and localism, and continue to work with all its might towards a stronger and more developed Türkiye in the second century of our Republic.
Our country started 2023 with great pain, reeling from the devasting earthquakes with struck on 6 February, the biggest disaster in our history. The effects were felt throughout the year in every field, including sectors which serve as the dynamo of the country's economy. The conflicts throughout the world, geopolitical tensions, a volatile political backdrop, a global wave of inflation, recession and disruption to the supply chain all put a strain on economies. The high levels of inflation around the world paved the way for a policy of high interest rates to be a global strategy. Accordingly, growth rates weakened in many countries.
Despite the problems affecting the global economy and the earthquake which struck our country, Türkiye maintained its growth streak for a 13th quarter. Even when the German economy contracted by 0.6% and the Eurozone grew by just 0.5% in 2023, Türkiye recorded 4.5% growth during the year.
We are one of the building blocks of the Turkish economy
Founded in 1961, OYAK continues its activities in six continents and seven geographical regions throughout Türkiye in a wide range of sectors from mining metallurgy, cement, concrete and paper to automotive, logistics, chemical agriculture, energy, finance and food. OYAK is one of the basic building blocks of the Turkish economy with its production, job creation and added value.
As Türkiye's most successful complementary occupational pension fund, while working for the welfare of our country and our members, we are rapidly enhancing our competitiveness on an international scale in line with our targets of profitability and sustainable growth, and we continue to expand our global sphere of influence with each passing day.
Our main goal is to make the most of our members' savings
OYAK, which manages all members’ savings on the principles of profitability, efficiency and corporate investment, demonstrated a successful financial performance by pressing ahead with its activities with a flexible and agile management approach and predictive management strategies in 2023, which was a difficult year for the whole world.
While we had allocated TL 148.2 billion in resources for distribution during the reporting period, OYAK was proud to continue the tradition of recent years of offering a return in excess of the rate of inflation.
We offered a rate of return of 77.1%, with OYAK member assets expanding by 71% from TL 194.8 billion in 2022 to TL 332.8 billion in 2023.
The success achieved in 2023 was the result of the devoted efforts of our executive team led by our General Manager and each of our employees. On behalf of myself, our Board of Directors and our valued members, I would like to take this opportunity to thank every member of OYAK, especially all of our managers.
Contributing to the welfare of our members in many different ways
As a second-stage complementary occupational pension fund, OYAK was continuing to support over 470,000 members at every stage of their lives as of the end of 2023.
OYAK, whose priority is to provide sustainable income to its members and consider the satisfaction of its members, is a successful example of participation among stakeholders on a world scale. Our system, in which the dues collected from members are invested, is managed professionally, with risk and treasury management functions carried out meticulously.
While undertaking its investments, OYAK also aims to contribute to the development of the Turkish economy. Our unwavering aim on this axis is to prioritize the areas where the contribution in question will reach the highest level and to fulfil our responsibility without interruption.
In the 2023 reporting period, 66.4% of our members held a voluntary status and 33.6% held a mandatory status. At the same time, 9,651 of our members who left by receiving Retirement Benefits joined the Pension System (EMS). Thus, the EMS participation rate stood at 92.6%, with a participation rate of 93.4% for our mandatory members.
Our compulsory legal aid to our members increased by 137% to TL 23.8 billion, with Retirement Benefit comprising the largest share of legal aid payments with a 55.9% share. The total salary payments made to 67,439 members within the scope of the EMS in 2023 reached TL 9.2 billion.
Our social services constitute the second important axis of the added value we offer our members. In this context, TL 4.6 billion of social service support was provided in 2023, with the Lending Service accounting for the largest share (74.8%) of this amount. In 2023, 53,858 of our members benefited from the Lending Services offered in line with the aim of being there for our members whenever they need them, while the volume of resources provided reached TL 3.5 billion.
We made 109,810 of our members homeowners between 1963 and 2023
Determining home ownership for its members as one of its main goals, OYAK generates value for its members through two different channels; housing finance and the direct housing. It gives me great pleasure to declare that between 1963 and 2023, our Institution made 109,810 members homeowners.
A total of 375 homes built within the scope of the 1st stage of our OYAK Seyirce project were handed to their new owners in October 2023. Work on the 312 homes in the 2nd stage of the OYAK Seyirce project and the 216 homes in the 1st Stage of the Çiğli project continues, with these projects aimed to be completed in 2026. In this context, the number of members in the Housing Pre-Saving Fund, which we established to help our members acquire housing, reached 198,000 in 2023.
Improving and increasing member interaction with each passing period
OYAK has diversified its services with remotely accessible and user-friendly applications which are integrated using the latest technology.
The number of people registered in the OYAK Sağlık Platformu (OSP), which has enabled our members, employees and their relatives to benefit from discounted health services since 2018, will exceed 911,000 with the number of beneficiaries exceeding 57,000 in 2023. Within the scope of the OYAK Sağlık Platformu, discounts were being offered for a total of 428 contracted private health institutions in 39 provinces and the Turkish Republic of Northern Cyprus as of the end of 2023.
Within the scope of the OYAK Platform, which provides services through the website and mobile app created for OYAK members, employees and their relatives, the OYAK Health Platform offered discounts in 569 hospitals and branches of 59 private educational institutions in 64 provinces as of the end of 2023. Easy access to Education Discounts services is provided.
Offering a wide range of options, the number of users of the OYAK Platform had reached 415,927 by the end of 2023, with 347,303 people benefiting from products and services. A total of 580,855 interactions took place between OYAK Companies and users.
The OYAK Doktorum mobile application, which allows OYAK members, employees and their relatives to receive remote support on health issues, offers free medical consultancy services in 12 branches and a 24/7 service from a family physician through the call center. The number of people registered in this application had exceeded 67,000 by the end of 2023. In addition to the services offered, we continue to offer face-to-face services in our new Head Office building in order to further enhance member satisfaction.
Together with its members, OYAK will continue to reach all of its strategic decisions in the future, with primary consideration given to the welfare and well-being of its members, as it has for the last 62 years.
Our new Head Office building – the symbol of OYAK's future vision
One of the important developments for OYAK in 2023 was the opening of our new Head Office building. Our new building, which represents OYAK's solid roots and steadfast progress towards the future, boasts all of the modern and technological facilities needed to increase the quality of service provided to our members, and reflects OYAK's power and prestige, symbolizing our vision for the future.
"Our Matter is Our National Duty, Your Excellency"
Gazi Mustafa Kemal ATATÜRK famously said, "Those who love his country the most are the ones who do their duty the best." We will continue to work and create value by taking our promise as a principle.
At OYAK, we will continue our work by contributing to the development of our country with our management approach based on the trust and affection of our members - because our "Our Issue is Our National Duty"
Dear stakeholders,
With its strong and deep-rooted structure built over 62 years, OYAK will continue to work uninterruptedly for its country and members, together with its stakeholders.
I have full confidence in OYAK’s ability to maintain its activities with safe steps in the future, providing its members with sustainable profit in the coming years in line with its founding mission.
Undoubtedly, OYAK will produce more and share more by correctly managing risks and opportunities with the support of its corporate competencies and strong management power.
On behalf of myself and the Board of Directors at OYAK, I would like to take this opportunity to express my sincere gratitude to the Board of Representatives and the members of the General Assembly, our senior management team and all of our employees.
With respect and gratitude, we pay tribute to all of the managers and employees who have served the Army Relief Organization for 62 years. I wish good health to those who are still with us, and God’s mercy on those who have passed away.
Respectfully,
Mehmet TAŞ
(Ret.) Major General
Chairman of the Board of Directors