Türkiye hikes minimum wage by 34% to address stubborn inflation
Türkiye on Tuesday announced it would raise the monthly minimum wage by another 34% beginning on July 1, marking a second increase this year in an effort to safeguard households from stubborn inflation, News.Az reports citing Daily Sabah.
The monthly net minimum salary will increase to 11,402 (nearly $483), Labor and Social Security Minister Vedat Işıkhan said in a televised address from the capital Ankara.
"The minimum wage assessment commission completed its work with an agreement between the workers and employers," Işıkhan said.
He added tax exemptions for employers would continue.
President Recep Tayyip Erdoğan, who won reelection late last month to extend his rule into a third decade, had pledged his government would not allow workers "get crushed under" high inflation.
"On behalf of my nation, I would like to thank all stakeholders, especially the employee and employer sides, who contributed to the determination of the minimum wage within the consensus culture," Erdoğan wrote on Twitter following the announcement.
Inflation touched a 24-year peak of 85.5% in October, prompting Ankara to raise the minimum wage by 100% over the course of last year.
Türkiye lastly hiked the wage by 54.5% in January to TL 8,500.
Annual inflation eased since then and dipped to 39.6% in May, driven by a government measure providing natural gas free of charge, offsetting price rises in other goods.