Semiannual increase in Turkey’s minimum wage stood at 54.5%
In a live address to the nation, Turkey’s President Tayyip Erdogan announced the most expected news that millions in Turkey have been waiting for weeks. Sided by the minister of labor and the representative of the employer’s union but without anybody from the worker’s union, Erdogan said the new monthly minimum wage in Turkey would be TL 8.500, a 54.54% increase from the month of July.
“The figure that we announce is compatible with the general economic outlook of our country,” Erdogan said, vowing that the inflation will be lowered to 2023. Turkey’s annual consumer inflation eased to 84.4% in November from a 24-year high of 85.5% the previous month, slowing for the first time in 18 months.
“If we encounter an unexpected situation, we will not hesitate to make interim arrangements, as we did last year," he said.
Compared to January of last year, the minimum wage increased 94%, but still stood below the number demanded by the worker’s union. As of Thursrday’s FX rates, the monthly minimum wage became 455 USD.
In Turkey, 43% of employees in non-agricultural sectors earn the minimum wage or less, with the rate reaching 50% in the industry, a central bank survey shows. The rate stands at 54% in the construction sector, at least 59% in textile and apparel sectors, 65% in the food industry and 72% in the tourism sector.