IPA's minimum wage research reveals 'erosion': Explained with a graph
As figures for the expected new minimum wage are being discussed, IPA President Gökce shared a striking research post on his social media account.
Istanbul Planning Agency (IPA) President Buğra Gökce revealed the erosion in the minimum wage with a table he presented regarding the minimum wage debates.
Sharing the research titled "How much has the minimum wage eroded?" on his social media account, Gökce also shared a table on the subject.
Gökce also made the following assessments regarding the debated new minimum wage:
The purchasing power of the minimum wage, which was 17,002 liras at the beginning of the year, will be equivalent to 11,741 liras according to the CBRT and 10,788 liras according to IPA Cost of Living data by the end of the year.
In the January-October period, the erosion is 5,261 liras according to TUIK and 6,214 liras according to the IPA.
To protect the purchasing power of the 17,002 liras in January against inflation, the minimum wage needs to be 24,621 TL according to CBRT data and 26,795 TL according to IPA data. In other words, even if the minimum wage reaches this level, it will only reach the January 2024 level in terms of purchasing power. Therefore, an increase that exceeds this rate and also anticipates next year's inflation erosion is required.
News Source : 12punto
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