Erdogan announces 55% increase in minimum wage in Turkey
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Turkish President Recep Tayyip Erdogan during a televised address announced a 55% increase in the minimum wage (SMW) in the country from January 1, 2023, reports Reuters. Now it will amount to 8.5 thousand liras ($455) per month. According to the authorities, more than 30% of workers in the country will receive such a salary.
Turkish authorities last raised the minimum wage in July. Prior to this, the minimum wage was set in January, and compared to the beginning of 2022, the new minimum wage will exactly double.
Such a rapid increase in the minimum wage in the country is caused by very rapidly growing inflation. At the end of November, its annual rate was 84.4% – the highest in the last 24 years. At the same time, in October this figure was even higher – 85.5%.
Now the minimum wage in Turkey is at its highest level in the last 20 years. The authorities are trying to keep the minimum wage from falling behind inflation to help the population cope with rapidly rising living costs.
As experts note, such a rapid increase in the minimum wage also has a political context. Already in the middle of next year, general elections will be held in the country, and raising salaries will help Mr. Erdogan collect extra interest. “It will really benefit Erdogan’s core voters, as it did in July. He will get a few points, – quotes CNBC Ragip Soylu, head of the Turkish bureau of the Middle East Eye. “However, it is important here whether this influence will continue until the presidential elections.”
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