3 scenarios for the minimum wage hike: The first figures on the table have emerged
Expectations are rising for the 2024 minimum wage hike, which concerns millions of employees. While the meeting dates and the amount of the raise are being awaited with curiosity, according to the pro-government newspaper Sabah, there are 3 different figures on the table.
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The Minimum Wage Determination Commission will soon begin meetings as part of the negotiations to determine the minimum wage that will be valid in 2024. The new minimum wage will be shaped around 40, 45, and 50 percent formulas.
According to a report by the pro-government newspaper Sabah, the first regulation before the January raises for retirees and civil servants will be the minimum wage hike. The Minimum Wage Determination Commission, consisting of representatives from workers, employers, and the government, will meet in December. The 6-month inflation data will be on the table as an important indicator for the January 2024 minimum wage hike. Another data point here will be the civil servant raise rate.
3 HEADLINES WILL DETERMINE
The current minimum wage is applied as a net 11 thousand 402 lira with the interim raise implemented in July. While determining the new minimum wage, 6-month inflation figures, survey studies to be conducted by the Ministry of Labor and Social Security among workers, employers, and the public, and the civil servant raise rate will serve as references.
Considering the 6-month inflation figures and civil servant raise expectations, rates of 39.61 percent and 51.46 percent will be on the table as raise negotiations for the new minimum wage. Roughly, it will be shaped around 40, 45, and 50 percent formulas for the new minimum wage.
FIGURES ON THE TABLE
According to the calculated figures, the net minimum wage table has emerged.
If the raise rate is 40 percent, the minimum wage will be 15 thousand 962 lira and 80 kuruş.
If the raise rate is 45 percent, the minimum wage will be 16 thousand 532 lira and 90 kuruş.
If the raise rate is 50 percent, the minimum wage will be 17 thousand 103 lira.