Working in Turkey is influenced by various factors, with the minimum wage playing a pivotal role in shaping the economic landscape for employees. With Turkey's high rate and uncontrollable inflation, minimum wage should be able to reflect that. So, the new minimum wage has been announced for 2024.
On December 27, Turkey made the significant decision to elevate the monthly minimum wage by an impressive 49 percent, reaching 17,002 Turkish liras (equivalent to 578.4 U.S. dollars) effective January 1, 2024, as declared by the Minister of Labor and Social Security, Vedat Isikhan.
Isikhan highlighted that this adjustment results in a 49 percent augmentation in the net minimum wage compared to the preceding period and a remarkable 100 percent cumulative increase when compared to the previous year. The determination was reached by the Minimum Wage Determination Commission of the country, following several days of deliberation, as disclosed by Isikhan during a press briefing.
Notably, Turkeyhad previously raised the monthly minimum wage by 34 percent to 11,402 liras, implemented on July 1, 2023. The Commission, comprising representatives from the government, labor union, and employers' association, each wielding a single voting right, operates on a simple majority vote mechanism for decision finalization, eschewing the need for unanimity.
Ergun Atalay, the president of the Confederation of Turkish Trade Unions and a participant in the negotiations representing the workers, expressed that the anticipated minimum wage for workers was 18,000 liras. Advocating for biannual negotiations, Atalay remarked, "We will annotate the decision."
This wage hike occurs against the backdrop of Turkey grappling with persistent inflation, with the annual inflation rate standing at 61.98 percent as of November.
On December 27, Turkey made the significant decision to elevate the monthly minimum wage by an impressive 49 percent, reaching 17,002 Turkish liras (equivalent to 578.4 U.S. dollars) effective January 1, 2024, as declared by the Minister of Labor and Social Security, Vedat Isikhan.
Isikhan highlighted that this adjustment results in a 49 percent augmentation in the net minimum wage compared to the preceding period and a remarkable 100 percent cumulative increase when compared to the previous year. The determination was reached by the Minimum Wage Determination Commission of the country, following several days of deliberation, as disclosed by Isikhan during a press briefing.
Notably, Turkeyhad previously raised the monthly minimum wage by 34 percent to 11,402 liras, implemented on July 1, 2023. The Commission, comprising representatives from the government, labor union, and employers' association, each wielding a single voting right, operates on a simple majority vote mechanism for decision finalization, eschewing the need for unanimity.
Ergun Atalay, the president of the Confederation of Turkish Trade Unions and a participant in the negotiations representing the workers, expressed that the anticipated minimum wage for workers was 18,000 liras. Advocating for biannual negotiations, Atalay remarked, "We will annotate the decision."
This wage hike occurs against the backdrop of Turkey grappling with persistent inflation, with the annual inflation rate standing at 61.98 percent as of November.