Will there be an additional raise for the minimum wage? Statement from AKP's Akbaşoğlu

Due to inflation announced by TUIK being higher than expectations in the first 2 months of the year, discussions regarding an additional raise for the minimum wage have returned to the agenda.

In Turkey, monthly inflation rose by 6.7 percent in January and 4.53 percent in February. Thus, the minimum wage eroded by 11.23 percent against inflation figures in the first two months of the year. The Central Bank of the Republic of Turkey (TCMB) had announced its year-end inflation expectation as 36 percent.

STATEMENT FROM AKBAŞOĞLU STIRS THE BACKROOMS

While the ruling party front announced that there would be only one raise for the minimum wage in 2024, the statement by AKP Group Deputy Chairman Muhammet Emin Akbaşoğlu stirred the backrooms. 

Responding to journalists' questions in Parliament, Akbaşoğlu stated, "As of the end of June or the beginning of July, we will share our assessments with the public that will be more corrective and increase purchasing power for all our employees, especially our retirees."

Explaining that Parliament will likely begin its work in mid-April, Akbaşoğlu said, "From that date on, we will negotiate these issues, and as of the end of June or the beginning of July, we will share our assessments with the public that will be more corrective and increase purchasing power for all our employees, especially our retirees, and we will hopefully implement our regulations regarding this."

Drawing attention to AKP member Akbaşoğlu's statements, Ekonomi Gazetesi Ankara News Manager Hüseyin Gökçe wrote about the backroom information regarding an additional increase.

Gökçe used the following expressions in his article where he conveyed the backroom information:

"As will be remembered, just like in 2022, the minimum wage was raised twice in 2023. In fact, the year-end raise was kept relatively high, increasing it from 11 thousand 402 liras to 17 thousand 2 liras. However, in the period when workers had only received two salaries from the new minimum wage, that is, at the end of the first two months, 11.53 percent of the wage had eroded against inflation.

This upward trend is expected to continue throughout the first half of the year. Even though the legislation states that the minimum wage will be determined once a year, Turkey will begin discussing the issue of a second increase in the minimum wage starting from April-May."