Minimum wage in Turkey restored back to its January 2021 level in euro terms
Turkish officials announced an increase of 30 percent in the minimum wage on Friday, restoring the wage back to its level in January 2021 in euro and US dollar terms.
The increase was announced by Turkish President Recep Tayyip Erdoğan in Istanbul. President Erdoğan first announced the increase as 25 percent by mistake, and was immediately warned by the Minister of Labor and Social Security. The President then corrected his error.
While the Turkish administration has been unable to find a way out of a currency crisis that has been triggering inflation and eroding purchasing power drastically, it tries to respond by increases in the wages of public servants and minimum wage workers.
The level of the minimum wage is particularly important in Turkey as 42% of the workforce is on the minimum wage.
The previous increase of 50 percent at the end of December 2021 had managed to bring the minimum wage only to around 270 euros, down from 310 euros in January 2021.
The latest increase has now restored the minimum wage back to its level 18 months ago.