Dec 27, 2023 at 7:55 PM Update: 9 hours ago
The minimum wage in Turkey will be increased by 49 percent next year. With the significant increase, the Turkish government wants to relieve the pressure on the population, who are still dealing with sharply rising costs of living.
Turkey has been struggling with sky-high inflation for almost two years. That is why the minimum wage has already been increased several times. Last December, the minimum wage increased by 54 percent. Earlier this year, a further increase was added.
The minimum wage will be further increased in 2024, because inflation in the country is expected to rise above 70 percent in the coming months.
With the latest increase, the monthly net minimum wage amounts to 17,002 liras, equivalent to about 525 euros. That is more than a doubling in one year. “We have kept our promise not to let inflation crush our workers,” the Turkish government said. About a third of the working population in Turkey has to live on the minimum wage.
In recent years, Turkey has done little to control inflation. President Recep Tayyip Erdogan saw no point in raising interest rates to limit inflation, which is common practice. Instead, he hoped to maintain employment levels, attract investment and thus strengthen the economy.
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2023-12-27 18:55:27
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