The Turkish government raised the minimum wage by 49 percent to TRY 17,200 for 2024. In dollar terms, the new minimum wage stands at USD 578. The old minimum wage was TRY 11,402 (USD 387) since the last raise was announced on June 20, 2023.
Minister of Labor and Social Security Vedat Isikhan, in his assessment of the wage, stated that the policy of not letting employees crushed under the inflation continues and said, “Both the employer and the employee sides have reached a consensus at the appropriate point by considering the needs of the employees and employers, taking into account the current conditions in a rational plane.”
Following a meeting with representatives of workers and employers at the presidential palace, wage support for employers is announced as TRY 700.
Confederation of Turkish Trade Unions (TÜRK-İŞ) General President Ergun Atalay added an annotation on the decision, stating that their demand for a net minimum wage was TRY 18,000 and two increases per year.
Due to the severe depreciation of Turkish lira, the minimum wage was eroded by almost USD 100 in the last six months. Because of the high inflation the minimum wage was raised twice in 2023 but Turkish President Recep Tayyip Erdoğan stated that there wouldn’t be a second raise in 2024.
According to data from TÜRK-İŞ Turkey’s hunger threshold stood at TRY 14,025 (USD 477) in November. The poverty threshold on the other hand reached TRY 45,686 (USD 1,553) as of November.
The official inflation rate climbed to 62 percent in November and is expected to peak above 70 percent in May 2024.