Türkiye raises minimum wage by 49% for 2024

Türkiye decided to ramp up the monthly minimum wage by 49 percent to 17,002 Turkish liras (578.4 U.S. dollars) starting the first day of 2024, the country's Labor and Social Security Minister Vedat Isikhan announced Wednesday, reported Xinhua.

With the new figure, "the net minimum wage has increased by 49 percent compared to the previous (minimum wage) period and by 100 percent cumulatively compared to the previous year," he said.

The country's Minimum Wage Determination Commission nailed down the decision after several days of discussion, Isikhan told reporters.

Türkiye previously raised the monthly minimum wage by 34 percent to 11,402 liras beginning on July 1, 2023.

The commission consists of representatives from the government, labor union, and employers' association, each having one voting right. A simple majority vote is required for the decisions to become final, instead of unanimity.

Ergun Atalay, president of the Confederation of Turkish Trade Unions, who participated in the negotiations with the government on behalf of the workers, said the workers' expected minimum wage was 18,000 liras.

Atalay said these negotiations should be held twice a year, adding, "We will annotate the decision."

The hike came amid the country's stubborn inflation, with the annual inflation rate at 61.98 percent in November.