The Turkish government increased the minimum wage by 49 percent.
The Turkish government increased the minimum wages for the next calendar year by 49 percent.
Vedat Işıkhan, Turkey’s Minister of Labor, announced on Wednesday, December 27, that the minimum wage in the country for the next calendar year will be 17,000 lira, equivalent to 578 dollars.
Turkey had also increased the minimum wage in July this year, and overall, this figure will have grown by 100 percent from the beginning of 2024 compared to the beginning of this year.
The reason for the doubling of minimum wages within a year is Turkey’s high inflation, which peaked above 85 percent last October but has now fallen below 62 percent.
On the other hand, the depreciation of the Turkish lira has continued over the past few years, and this year it has lost 35 percent of its value.
The International Monetary Fund has predicted that Turkey will also experience inflation above 62 percent next year, and high inflation is expected to continue in the country until 2028.