According to Bloomberg on December 27**, Turkey will raise the minimum wage by 49% in 2024 to reduce the pressure on the cost of living before local elections, as the country's inflation rate is expected to exceed 70% in the coming months.
Turkish Labor Minister Vedat Isikhan said at a televised press conference in Ankara that the minimum net wage would be set at 17,002 lira (about 4,107 yuan) per month. In contrast, the 2023 minimum net wage standard increased by more than 100%, and the two adjustments led to faster price growth and pushed up labor costs. "We have fulfilled our promise not to let our workers be hit by inflation. Ishek Khan said.
Turkey's central bank expects inflation in the country to reach 65% this year, more than 70% in May 2024 and 36% for the whole of 2024. Since June, Turkey's central bank has quadrupled its benchmark interest rate to 425% and hinted that interest rates could be higher next month, pushing monetary policy on a more traditional trajectory. (Overseas Network Hou Xingchuan).
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*: Overseas Network.