Turkey is raising the minimum wage 50.4% as of Jan. 1, President Recep Tayyip Erdogan announced on Thursday.

The net minimum monthly wage will be 4,250 Turkish liras ($275), the president said.

"I believe that, with this increase, we have shown our determination not to crush our employees in the face of price hikes," Erdogan stressed.

Turkey's annual inflation stood at 21.31% in November while the 12-month average rise in consumer prices was 17.71%.