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Under the existing Labor Law, the Company is required to pay termination benefits to each employee who earned the right to receive termination indemnities with the end of their employment contract. In addition, under the existing Social Security Law No.506, clause No. 60, amended by the Labor Laws dated 06.03.1981, No. 2422 and 25.08.1999, No. 4447, the Company is also required to pay termination benefits to each employee who has earned the right to retire by receiving termination indemnities.

The calculation of termination indemnities are based on the gross salary of 30 days for each year of service. An employment termination benefit is not a funded liability and there is no requirement to fund it.

An employment termination benefit is calculated based on the estimation of the present value of the employee’s probable future liability arising from the retirement. IAS 19 (“Employee Benefits”) requires actuarial valuation methods to be developed to estimate the enterprise’s obligation under defined employee plans. Accordingly, the assumptions used in the calculation of the total liability provisions in the financial statements of the company are calculated arising from the retirement of employees has been calculated by estimating the present value of the probable future liability.

Severance Pay, is paid to employee - who has seniority under the Labor Law No.4857 and whose employment contract ending is stipulated by law - or to legal heirs in case of death considering the working time and monetary limits prescribed by the law.

Notice Pay, under the Labor Law No.4857 clause No.17, the Company is required to give termination notice and time for job search depending on the seniority of employee or to pay employee’s salary in cash for the period ending with the termination notice period.
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