Minimum wage message from TÜSİAD

The Turkish Industry and Business Association (TÜSİAD) held its High Advisory Council Meeting in Ankara.

Delivering the opening speech of the meeting, TÜSİAD High Advisory Council President Tuncay Özilhan made statements regarding the economy.

MINIMUM WAGE MESSAGE

Emphasizing that the gap between the average wage and the minimum wage is gradually closing, Özilhan also stated, "It is also noteworthy that in strong market economies, social security and social welfare programs are robust in order to alleviate income inequality and increase inclusivity."

EMPHASIS ON THE RULE OF LAW

Özilhan said that the steps taken recently have reinforced the hope that the inflation problem will be solved, and that the rule of law could be the most decisive factor for the success of economic management.

TÜSİAD President Orhan Turan also emphasized inequalities, saying, "High growth rates will not take us to the Turkey we dream of; we must resolve all inequalities."

The highlights of Özilhan's speech were as follows:

"A fundamental feature of a strong market economy is a strong institutional structure and a solid legal system. In a modern legal system, everyone's life and property security is guaranteed. Trials are fair, and everyone is equal before the law. Court decisions are consistent and binding for everyone. International norms and conventions are respected.

In strong market economies, predictability is essential in the management system and decision-making. Transparency and accountability are guaranteed. Separation of powers, as well as checks and balances, function fully. Only merit is effective in appointments.

In cases where these conditions are not met, the country's risk premium rises, the cost of investments increases, and poverty and unfair practices become widespread.

Foreign investors do not show interest in a country where a modern state of law does not function effectively with all its institutions and rules. Foreign investment takes the form of hot money rather than direct capital.

One of the conditions for development is the importance given to maintaining macroeconomic stability. Generally accepted monetary and fiscal policies are followed to ensure macroeconomic stability. Macroeconomic stability and the rule of law facilitate investment decisions by providing long-term predictability.

Growth processes that are not based on technological progress are weak, unbalanced, and unsustainable.

We know that new ideas and inventions that influence the era do not emerge from oppressive societies. What paves the way for creativity is a strong state of law, tolerance that allows even the most controversial ideas to be expressed, and freedom of the press.

It is also noteworthy that in strong market economies, social security and social welfare programs are robust in order to alleviate income inequality and increase inclusivity.

The decline of the CDS, which reached up to 900 basis points before the elections, to 300 will expand financing opportunities for long-term investments.

High inflation had distorted the structure of growth in the past period. Our economy was based on a policy of high consumption rather than exports and investment. It is now noticeable that a rebalancing process has begun. We know that a growth model based on excessive consumption is not sustainable.

The difficulty observed in qualified human resources has recently spread to all human resources.

The broad unemployment rate is hovering around 22 percent.

The gap between the average wage and the minimum wage is gradually closing. With the decline in the quality of university education, the wage gap between university and high school graduates is also narrowing.

On one side, there is the labor of our youth, and on the other, the lives of those who turn to illegal paths, which are now in plain sight."

'WE MUST RESOLVE INEQUALITIES'

The messages from TÜSİAD President Orhan Turan were as follows:

"We are creating a foundation for how we will form our national strategy in global transformations. We can design the policies we will need for our second century.

High growth rates will not take us to the Turkey we dream of; we must resolve all inequalities. We have seen that the solution to problems lies in a rule-based and data-driven management system and participation.

It is clear that the increasingly complex and difficult geopolitical environment has had a positive impact on Turkey-EU relations. We expect EU-Turkey relations to be realized on the basis of trust and consensus in every field."

News Source: 12punto