Turkish President Recep Tayyip Erdogan may abandon plans for early retirements for public and private sector employees because of concerns about budget pressures, senior Turkish officials said, Bloomberg reported.

Early retirement is a key pledge ahead of presidential and parliamentary elections in June. The plans cover an estimated 1.5 million people, but Erdogan is now considering an alternative that would affect fewer employees.

According to officials, Erdogan may make a decision as early as Monday at a cabinet meeting.

The promise to meet early retirement demands has helped Erdogan strengthen his support base.

But the Turkish government is currently considering a plan that would cover only about 60 percent of those eligible. The cost of the original plan, which included a severance package, could exceed 250 billion lira ($13 billion). Sources said that's three times what the country's social security system paid to about 14 million retirees this October.

Alternative plans call for early retirement for the oldest employees.