Ordu Yardımlaşma Kurumu (OYAK) (lit. Military Solidarity Institution), is a Turkish charity and complementary pension fund with around 470,484 members.
OYAK provides members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated. In addition to retirement benefits, OYAK pays disability benefits to members when they become partially or fully disabled, and provides death benefits to the deceased's heirs.[citation needed]
OYAK is the Turkish Military pension fund.[5] OYAK is a private entity that is subject to Turkish civic and commercial law. OYAK, also offers services such as consumer loans, housing loans, pension system, stock market investment support to its members.[6]
The OYAK Holding Investment Subsidiary Group is one of the largest industrial groups in Turkey.[7] The group was the former owner of ING Oyak Bank (sold to ING Bank in 2007) and the Oypa supermarket chain. In 2012, it was rated BB+/stable by Standard & Poor's.[8] The group co-owns car manufacturer Oyak-Renault and steel producer Erdemir. OYAK Group of Companies added Sagra to its structure in April 2021.[9] OYAK is on the global coal exit list published by Urgewald because it owns İsken Sugözü power station.[10]
Structure
OYAK Group companies
In the industrial sector, the OYAK Group's companies include iron and steel, chemistry, cement manufacturing, electricity and automotive.
