Board of Trustees Raises Interest Rate on Staff Savings

The Board of Trustees of the TRNC Staff Provident Fund has increased the interest rate offered to participants. As of today, it will be 48%.

TRNC Minister of Labor and Social Protection, Sadyk Gardiyanoglu, stated that the interest rates on deposits applied by banks to the department's deposits were evaluated by the Board of Trustees of the Staff Provident Fund. According to the decision made, the interest rates were raised.

Thus, by the decision of the Board of Trustees of the Staff Provident Fund, the interest rate, which was previously 41%, will be increased to 48% starting from May 1.

According to the minister, the interest rates applied to employees' savings in the Staff Provident Fund were increased from 30% to 38% as of January 1, 2024, then to 41% as of March 1, 2024, and finally from 41% to 48% as of May 1, 2024.

"The money accumulated in the Staff Provident Fund is undoubtedly the savings of our employees, and our ministry will continue to do its utmost to fulfill its duties to provide some assistance to our employees, protecting them from inflation," said Sadyk Gardiyanoglu.