Turkiye raises monthly minimum wage by 49% for 2024
Turkiye raises monthly minimum wage by 49% for 2024, a sharp increase before mayoral elections will offer households relief
Turkiye raised the monthly minimum wage by 49 percent to 17,002 Turkish lira ($578.1) beginning Jan 1, Turkish Labor and Social Security Minister Vedat Isikhan announced on Wednesday.
President Recep Tayyip Erdogan met with the Minimum Wage Determination Commission, consisting of representatives from workers, employers, and the government. The process of determining the new minimum wage, which concerns the general public, especially around 7 million minimum-wage workers, has reached its conclusion.
"The Minimum Wage Determination Commission has completed the work on the new minimum wage. The commission's goal is to set the limit as desired by all parties. We have undertaken an arbitrator role on both the worker and employer sides. I thank all stakeholders who have shown a positive approach during the process," Isikhan emphasized.
"In addition to determining a minimum wage floor here, I would like to say that I find it positive to adopt a constructive approach to solving problems," he noted.
"I believe that the newly determined amount will satisfy all our citizens. The minimum wage, effective from January 1, 2024, has been set at a net amount of 17,002 liras, including a 700 lira minimum wage support. This represents a 49% increase," he added. "I wish the new minimum wage to be auspicious."
The increase is expected to help boost purchasing power among workers, over a third of whom earn the minimum wage.
The minimum wage announced Wednesday will be fixed throughout 2024 and there will be no other negotiations to raise it until next year.
ERDOGAN'S MOVE AHEAD OF KEY ELECTIONS
Turkiye due back at the polls on March 31 to vote for mayors across the country. Erdogan has vowed to retake control of Istanbul, the biggest city, and the capital Ankara from the opposition, building on the momentum of his re-election earlier this year, when he began his third decade at the helm.
Source: Newsroom
