Türkiye has been suffering from very high inflation for almost two years. That is why the minimum wage has already been increased several times. Last December, the minimum wage rose by 54%. Earlier this year, another increase was added.
The minimum wage will be increased further in 2024, because inflation in the country is expected to rise to more than 70 percent in the coming months.
With the latest increase, the net monthly minimum wage reaches 17,002 liras, equivalent to about 525 euros. This more than doubled in one year. “We have kept our promise not to allow inflation to crush our workers,” the Turkish government said. About a third of Turkey's working population lives on the minimum wage.
In recent years, Türkiye has done little to control inflation. President Recep Tayyip Erdogan sees no benefit in raising interest rates to reduce inflation, which is a common practice. Instead, he hoped to maintain employment levels, attract investment and thus boost the economy.
