Turkey to raise the minimum wage by 55% next year

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In 2023, the minimum wage (minimum wage) In Turkey, it will increase by 55% to 8.5 thousand liras ($ 455), President Recep Tayyip Erdogan said in a televised address on Thursday.

This year, the minimum wage has been increased by 50.5% since January, and then its level was raised by almost 30%, Bloomberg notes.

According to the Turkish Ministry of Labor, more than a third of the population officially receive the minimum wage.

The growth rate of consumer prices in the country in 2022 is expected to be about 65% - the maximum for a quarter of a century. This is the fifth highest inflation rate in the world this year, according to the calculations of the International Monetary Fund. It is expected to slow down to 22% next year.

The depreciation of the lira has become another negative factor for family budgets. Since the beginning of the year, it has decreased by almost 29% against the US dollar.

Exchange rates in Turkey - Exchange-turkey.com

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