This is the third increase in the minimum wage in the last year to deal with the effects of inflation in Turkey.
The Turkish government will raise the minimum wage by 54.5% with the arrival of the new year, on January 1, 2023, as announced just a few days ago by Turkish President Tayyip Erdoğan himself: a new increase to try to alleviate the effects of the enormous inflation that the country has been suffering.
In this way, the minimum wage for workers will go from 5,500 to 8,500 liras (about 430 euros) per month, as Erdoğan explained during a televised appearance from Ankara last Thursday. This is thus the third increase in the last year, after the minimum wage rose by 50% on January 1, 2022 to 4,250 TL, to be later increased by another 30% to 5,500 TL from July 1.
Families and households in Turkey have been battling the biggest prices rising in the Eurasian country in the last two decades, with inflation in November approaching 85%. While Erdoğan himself did not rule out further increases in the minimum wage in 2023 in the event of “unexpected events”, the government insists that inflation will slow down to 30% in the first half of 2023.
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When Monica finished her business degree, she had the idea to celebrate it travelling: that’s how she ended up visiting Turkey, and she liked it so much… that she decided to stay and live there! And she is still there, reporting from the city of Bursa on the latest news about the interesting Turkish economy.