Minimum wage forecast from former Central Bank chief economist

Hakan Kara, former Chief Economist of the Central Bank of the Republic of Turkey (CBRT), has shared his forecast regarding the minimum wage raise that millions of employees are eagerly awaiting.

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Minimum wage forecast from former Central Bank chief economist

The Minimum Wage Determination Commission will hold its first meeting on December 11. Millions of employees have turned their eyes and ears to this critical meeting.

While the rate of the raise to be applied to the minimum wage is awaited with curiosity, former Central Bank Chief Economist Hakan Kara has announced his raise expectation.

"I ESTIMATE IT WILL RISE TO AROUND 16 THOUSAND TL"

Kara, who included the hunger threshold graph shared by Türk-İş, shared a chart showing the relationship between these figures and the minimum wage in past years.

In this direction, Kara stated that the raise expected to be applied to the minimum wage in the new year is 40 percent.

Stating his expectation that the minimum wage, which is currently 11 thousand 402 liras, will be rounded directly to 16 thousand liras with the 40 percent raise to be applied, Kara emphasized that it has been announced that there will be only one raise for the minimum wage in 2024.

Asgari ücretin %40 artışla nette 16.000 TL civarına yükseleceğini tahmin ediyorum (bu bir temenni değil tahmindir).
Hesabı yaparken TÜRK-İŞ açlık endeksinin Aralık-Şubat döneminde %14 artacağını ve asgari ücretin Şubat 2024 tahmini açlık fiyat endeksine eşitleneceğini varsaydım. pic.twitter.com/5RPBwWXXsW
— Hakan Kara (@ali_hakan_kara) November 28, 2023

"IT SHOULD BE 17 THOUSAND 500 TL"

Hakan Kara stated that the fair value for the minimum wage should be 17 thousand 500 liras.

In another post regarding the minimum wage, Kara used the following expressions: "In the event that the frequency of wage increases is reduced back to once a year, even if we take the CBRT's 36% inflation forecast as a basis: the minimum wage that will not create additional purchasing power loss on average in 2024 is 17,500 TL (53.5% increase)".

Ücret artış sıklığının tekrar yılda bire indirilmesi durumunda, TCMB’nin %36 enflasyon tahminini dahi esas alırsak:
2024'te ortalamada ilave alım gücü kaybı yaratmayacak asgari ücret 17.500 TL (%53,5 artış). pic.twitter.com/eyzROyAwrj
— Hakan Kara (@ali_hakan_kara) December 2, 2023