Even with a 60 percent increase, the minimum wage would still be the 5th lowest among European countries

The Minimum Wage Determination Commission will hold its second meeting today, hosted by the Ministry of Labor and Social Security. Economic data and reports will be discussed at the meeting as part of the efforts to determine the minimum wage that will be valid in the new year. It is expected that representatives from the Ministry of Treasury and Finance, the Ministry of Trade, and the Turkish Statistical Institute (TÜİK) will share economic data and reports with the commission to determine the minimum wage, which directly concerns 7 million employees and indirectly affects all citizens.

496 EUROS, 540 DOLLARS

The worker and employer sides, which have not yet voiced any figures, are expected to begin negotiations after the data is shared. If an increase is made according to the inflation rate, which is expected to be 37.66 percent for the last 6 months, the minimum wage negotiations are expected to open at 15,700 liras, and this base wage will exceed 500 dollars for the first time. However, even this figure will have eroded by the middle of the year at the latest, considering the Central Bank's forecast that inflation will peak at 70-75 percent in May. The government has announced that there will be no interim raise in July because local elections will be held in March. In other words, it is already possible to say that the second half of the year will be difficult for laborers. If the minimum wage in Turkey, which is among the countries with the lowest minimum wages in Europe, becomes 15,700 liras, it will be 496 Euros, while in dollar terms, it will rise to 540. With this wage, Turkey cannot escape being the third lowest wage among European countries. Moreover, while the rate of minimum wage earners in Europe is around 4 percent, half of the working population in Turkey works for the minimum wage, and a significant majority works for wages close to the minimum wage. Even if the 2024 minimum wage exceeds the 500-dollar threshold, it cannot avoid remaining at the hunger threshold.

If the increase is 60 percent, it will be the 5th lowest wage

If the minimum wage is increased by 40 percent, it will rise to 15,962 liras and become 550 dollars. If it is increased by 50 percent, it will be 17,103 liras and rise to 589 dollars. If the increase rate in the minimum wage is 60 percent, it will see 18,243 TL and its dollar equivalent will be 629. Even if the minimum wage is 629 dollars, Turkey will continue to be the country with the fifth lowest wage among European countries. Moreover, when minimum wages in Europe are increased at the beginning of the year, Turkey is expected to lose its ranking again among the lowest wages.