What did Erdoğan say about the minimum wage? What are the minimum wage expectations?
President and AKP Chairman Recep Tayyip Erdoğan spoke about the minimum wage upon his return from the G20 summit held in Brazil. Stating that a wage increase policy above inflation will be followed, Erdoğan made remarks regarding minimum wage expectations. So, what did Erdoğan say about the minimum wage? What are the minimum wage expectations? Here are the details...
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WHAT DID ERDOĞAN SAY REGARDING THE MINIMUM WAGE?
President and AKP Chairman Recep Tayyip Erdoğan answered journalists' questions upon his return from the G-20 summit held in Brazil and made statements regarding the minimum wage.
HOW MUCH OF A RAISE WILL BE GIVEN TO THE MINIMUM WAGE?
Erdoğan stated that minimum wage earners received a 107.5 percent raise last year and a 49 percent raise this year, and that inflation would fall below 49 percent. Stating that they would not allow employees, civil servants, and retirees to be crushed by inflation, Erdoğan said they would continue to act according to the same principles in the coming period.
WHEN WILL THE MINIMUM WAGE DETERMINATION COMMISSION MEET?
The Minimum Wage Determination Commission will meet in December to try to reach a consensus on the new wage to be set for 2025.
The Minimum Wage Determination Commission, consisting of representatives from workers, employers, and the government, will meet at the beginning of December to finalize the meeting dates. Accordingly, 4 meetings will be held in December, including 3 for negotiation and 1 for the final decision. In the minimum wage process, where the government acts as an arbitrator, the net figure will be finalized in the last week of December.
WHAT IS THE YEAR-END 2024 INFLATION EXPECTATION?
The Central Bank's updated inflation expectation for the end of 2024 has been announced as 44%. This rate indicates a significant increase compared to previous estimates. The reasons for the revision include the rise in food prices, the depreciation of the Turkish Lira, domestic demand conditions, and deteriorations in the underlying trend of inflation.
HOW MUCH WILL THE MINIMUM WAGE BE?
According to calculations based on the Central Bank's inflation expectation, the minimum wage estimates are as follows:
ESTIMATED MINIMUM WAGE TABLE
Gross Minimum Wage: 28,965.62 TL
SSI Premium (14%): 4,055.19 TL
Unemployment Insurance Premium (1%): 289.66 TL
Total Deductions: 4,344.85 TL
Net Minimum Wage: 24,620.77 TL