Turkey's Minimum Wage Hiked by 49 Percent for 2024
The monthly met minimum wage will be 17,002 Turkish Liras ($578) in 2024 for millions of employees, Labor and Social Security Minister Vedat Işıkhan has announced.
The new minimum wage level is 49 percent higher compared with July, when the wage was increased in a mid-year adjustment. It marks a 100 percent hike from January last year.
“The minimum was hiked to 11,402 liras in July with the 500 liras of support the government provides. This support is now increased to 700 liras,” said Işıkhan at a press conference in Ankara, also attended by the representatives of the employers’ and labor unions.
The net minimum wage has been hiked by 3.5 times in real terms since 2022, the minister added.
“We are pleased to once again fulfil our pledge to prevent workers from being crushed by inflation,” Işıkhan said.
The annual inflation was 61.98 percent in November, accelerating from 61.36 percent in the previous month. The Central Bank expects inflation to reach its peak in May next year and disinflation process to begin in the second half of next year.
With the latest hike in the minimum wage, hiring a worker will cost businesses 23,502 liras.
Source: Hürriyet Daily News
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