Private sector salary increase rates revealed
The minimum wage was set at 8,506 liras in January 2023. In July, it was increased to 11,402 TL with a 34 percent raise. Nearly 8 million minimum wage earners are focused on the January 2024 increase.
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The work of the Minimum Wage Determination Commission will begin in December, but preparations have already started. In this context, the first step will be taken on November 20. A revision will be made to the Minimum Wage Determination Commission, and two female and two male minimum wage employees will take part in the commission. Four meetings will be held in December for the new minimum wage, and the amount will be determined through a consensus method.
In recent days, Minister of Labor and Social Security Vedat Işıkhan shared critical information regarding the salary increases for millions during his 2024 budget presentation speech, stating, “Our commission will meet again at the beginning of December to determine the 2024 minimum wage. We hope to reach an agreement on an amount that everyone agrees upon.”
According to the Central Bank's forecast, inflation will rise to 65 percent by the end of the year, which could cause the inflation expectation for the last 6 months to rise to approximately 38 percent. Türk-İş, which represents the worker side on the Minimum Wage Determination Commission, is expected to come to the table once again with figures on the increases in the cost of living.