In 2024, according to Labour Minister Vedat Isikhan. Turkey’s monthly minimum wage will be 17,002 Turkish lira ($578.31). There has been a 49% increase from the past 6 months and 100% increase from January.
The minimum wage was revised due to the high rates of inflation upsurge observed (61.98%) in November for the year 2021. Although higher charges were imposed, the level of the increase was not as much anticipated. This states the possibility that demands may be normalized now since rates are being hiked on an urgent basis.
In the end of 2021, the currency crisis led to an 85.51% surge in inflation by October for the following year. In the last year, Turkish Lira faced a decrease in its value by 35%. This has affected the cost of living for Turkish people.
One way to address the current economic challenges is to increase the minimum wages, as this will help citizens cover their expenses at some level. There will be a 49% increment to the salaries of the employees, this step is taken so that the overall wellbeing of workers could be improved.
Although the inflation rate is high this year, in November it decreased a bit, which could turn into an opportunity to gain potential economic advantage. There are still some economic issues in Turkey, like the increase in price and continuous inflation rate. The devaluation of Turkish currency led towards a higher cost of living and is creating difficulties for the Turkish people. The government has taken a courageous step to increase the minimum wage by 49% to fight off the current financial crisis, however. The inflation rate is an economic barometer, currently near 62%. During these uncertain times, Turkey aims to alleviate the burdens on its people by increasing the minimum wage rate.
