The Entitlement of Severance Pay For Those Who Have Fulfilled 15 Years Insurance Period and 3600 Premium Payment Days During The Termination of Their Contract

In the article 120 of the Labor Law No. 4857, it is foreseen that the article 14 of the Labor Law No. 1475 will remain in force until the establishment of the severance payment fund. This article regulates severance pay. With the Law No. 4447 Unemployment Insurence Law, the retirement age has been increased. Retirement age was set as 60 in males and 58 in females. Number of premium payment days were also increased. However, with the Law No. 4447, a sub-article was added to Article 14 of the Labor Law No. 1475. It is envisaged that the workers who do not complete the age limit for the old-age pension but have completed insurance period and the number of days paying premiums will be able to receive severance pay if they leave their jobs depending on their will. With the regulation of the Law No. 4447, the conditions of taking severance have been softened while the age of retirement has been increased. The workers who entered the job before 08.09.1999 benefit from this arrangement with the conditions of 15 years insurance period and 3600 premium payment days. The workers who entered the job between 08.09.1999 and 01.10.2008 and the workers who entered the job after 01.10.2008 benefits from this regulation with different conditions. Workers who are not covered by Labor Law No. 4857 can not benefit from this benefit. It is also obligatory for the employee to have at least one year of seniority in order to receive severance pay. In our work, those who entered the work before 08.09.1999 have been analyzed