The presidential announcement came during a Wednesday news conference on the popular policy move, Reuters reported.

Erdogan's ruling AK Party delivered a hefty hike to the minimum wage last week as part of a campaign to win back support eroded by inflation, a fall in the lira, and a sharp drop in living standards.

Previously, the retirement age was set at 58 years for women and at 60 years for men. It wasn't yet clear how much the new system would cost, but Erdogan said 2.25 million people were eligible to retire immediately. There are currently 13.9 million pensioners in Turkey.

Labour groups had been protesting the minimum age requirement for several years, asking that instead workers should just be required to complete the mandatory number of work days to retire. The move is seen giving a boost to Erdogan before a critical election due in June.