Social Security expert calculates increased minimum wage and pension

As high inflation, the dollar exchange rate, and the cost of living erode the Turkish Lira day by day, millions of employees have turned their eyes to the minimum wage increase to be implemented at the end of the year.

The Central Bank of the Republic of Türkiye's update to its year-end inflation forecast has led to new calculations for the 2024 minimum wage and pensions.

SOCIAL SECURITY EXPERT CALCULATED ON LIVE BROADCAST

Social Security Expert Emin Yılmaz provided figures on a live broadcast for the minimum wage, which millions of minimum-wage workers are awaiting, as well as for SSK and Bağ-Kur pensions.

Evaluating the latest data to calculate the pensions for SSK and Bağ-Kur retirees, Yılmaz stated during his appearance on CNN Türk: “Based on the data we have so far, which is the four-month inflation figure, if the annual inflation continues at 65 percent, we can already say that it will reach 10 thousand 332 liras with a 37 percent increase, and if it reaches the upper estimate of 68 percent, it will reach 10 thousand 521 liras with a 40 percent increase.”

"A 40 TO 50 PERCENT INCREASE MAY COME TO THE MINIMUM WAGE"

Yılmaz also expressed his minimum wage forecast. Stating that he expects a figure in the range of 16 thousand to 17 thousand liras for the increased minimum wage, Yılmaz said, "We can say that there will be a roughly 40 to 50 percent increase in the minimum wage.”