Minister Şimşek: We did not let employees and retirees be crushed by inflation

Minister of Treasury and Finance Mehmet Şimşek gave a presentation at the Turkish Grand National Assembly (TBMM) Planning and Budget Committee regarding the macroeconomic outlook, the ministry's activities, the 2022 Court of Accounts audit report, and the 2022 final accounts and 2024 expenditure budgets of the ministry, the Revenue Administration, the Privatization Administration, and the Turkish Statistical Institute.

Addressing the record-high inflation figures in his speech, Şimşek argued that they did not let employees and retirees be crushed by inflation.

Şimşek stated, ''In 2023, we made increases above inflation in the salaries and wages of our employees and retirees, and we continued to support their purchasing power''.

''WE DID NOT LET OUR EMPLOYEES AND RETIREES BE CRUSHED BY INFLATION''

Reminding that they increased the lowest pension to 7 thousand 500 liras, Şimşek said, “Furthermore, we raised the holiday bonuses of retirees from 1 thousand 100 liras to 2 thousand liras. We will also make a one-time additional payment of 5 thousand liras to our retirees in November. We also increased the minimum wage by 107.3 percent in 2023, which is above inflation. In summary, we did not let our employees and retirees be crushed by inflation, and we will not let them be crushed from now on” he said.

In his speech, Minister Şimşek stated that they would ensure macroeconomic financial stability with the targets included in the program and budget, restore fiscal discipline, reduce inflation to single digits in the medium term, and implement structural reforms to make these conditions permanent.

''STRUCTURAL REFORMS WILL BE IMPLEMENTED''

Stating that price stability is their most important priority, Şimşek said, “The Central Bank has tightened its monetary stance to permanently reduce inflation and ensure price stability. Policy rate hikes are supported by selective credit and quantitative tightening measures. In the coming period, monetary, fiscal, and income policies will be carried out in coordination; structural reforms that increase production, competition, and productivity will be implemented” he said.