A bitter prescription in 2024: Minimum wage earners and retirees suffered the greatest losses
As of 2024, while retirement pensions and the minimum wage have experienced significant losses against high inflation, purchasing power is also rapidly declining. During the period declared by President Erdoğan as the "Year of Retirees," the lowest retirement pension is being paid at 12,500 TL, while losses in the minimum wage have reached 7,481 TL.
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In 2024, which President and AKP Chairman Recep Tayyip Erdoğan declared the 'year of the retiree', the lowest pension was paid at 12,500 TL.
Finally, according to the figure announced by TUIK in November 2024, 11-month inflation was 47.09 percent. Thus, the purchasing power of the pension fell to 8,498 lira and 20 kuruş.
RETIREE HOLIDAY BONUS ALSO ERODED
Furthermore, the retiree holiday bonus, which was determined in 2018 when the minimum wage was 1,603 TL, amounted to 62 percent of the minimum wage. In 2024, the 3,000 TL holiday bonus fell to 18 percent of the minimum wage.
If the amount had been increased in line with the minimum wage, the bonus should have been 10,609 TL. Thus, the retiree's loss in holiday bonuses in 2024 amounted to 15,000 TL.
MINIMUM WAGE EARNERS ALSO LOST OUT
While 2024 was a year of poverty for minimum wage earners as well, according to the report published by the DİSK Research Center (DİSK-AR), the minimum wage, which was set at 17,002 TL in December 2023, had lost 1,139 TL by the time it reached the worker's pocket at the end of January, falling to 15,862 TL.
LOSS IN MINIMUM WAGE IN 2024 IS 7,481 TL
If the official inflation for 2024 turns out to be 44 percent at the end of the year as predicted, the loss in the minimum wage will rise to 7,481 TL.
55,000 TL LOSS IN THE LAST 1 YEAR
The total loss of a minimum wage worker against inflation throughout 2024 approached 55,000 TL.
LOSS OF 20 GOLD COINS SINCE 2005
According to the Central Bank's annual average Republic gold coin prices, it was possible to buy 25 gold coins with the annual minimum wage amount in 2003 and 31 in 2005.
A worker earning minimum wage was able to buy 10 Republic gold coins with their annual salary in 2024, based on average Republic gold coin prices.
