Turkey raises minimum wage by 34% to address inflation

Ankara, June 21 (IANS) Turkey will raise the monthly minimum wage by another 34 per cent from 8,506 Turkish liras (about $361) to 11,402 liras starting July, following a raise in January, the country's Labour and Social Security Minister Vedat Isikhan announced.

The minimum wage assessment commission consisting of representatives of the government, labour union and employers' association, has reached a consensus on the new minimum wage for more than 7 million workers, Isikhan said on Tuesday at a press conference in the capital Ankara.

The interim hike was made at a level that will protect the purchasing power of workers against inflation, he said, adding that the government will continue to provide tax exemptions for employers as well, Xinhua news agency reported.

The minimum wage increased by 107 per cent compared with the second half of 2022, the Minister said.

The country's inflation recorded a 24-year peak of 85.5 per cent in October last year, pushing the government to raise the minimum wage by 54.5 per cent in January.

The annual inflation slowed to 39.6 per cent in May after the government provided households with natural gas free of charge.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.