December 8, 2015 / 9:23 AM / in 3 years

Turkey to continue to support private pensions despite cost -Deputy PM Simsek

ISTANBUL, Dec 8 (Reuters) - Turkey’s government will continue to support the private pension system even though it is becoming costly, Deputy Prime Minister Mehmet Simsek said on Tuesday.

Simsek, the ruling AK Party’s economy czar, said the government’s support of the private pension system costs the budget up to 3.5 billion lira ($1.2 billion) a year. Simsek was speaking to members of an investment association in Istanbul. ($1 = 2.9147 liras) (Reporting by Ebru Tuncay; Writing by David Dolan; Editing by Daren Butler)

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