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Turkey's Inflation Rate Above 50% by June 2025?
4
Turkey•Turkish•Minimum Wage Determination Commission•Labor and Social Security•Vedat Işıkhan•Recep Tayyip Erdoğan
Resolution / Starting Odds
Yes • 50%
No • 50%
Official inflation statistics released by the Turkish Statistical Institute
Story
Turkey Raises Minimum Wage to 22,104 Liras for 2025, Türk-İş Proposes 29,583 Liras
Dec 24, 2024, 06:07 PM
Turkey has announced a 30% increase in its minimum wage for 2025, setting the new rate at 22,104 Turkish liras ($627) per month. This decision, effective from January 1, 2025, was made by the Minimum Wage Determination Commission, comprising representatives from workers, employers, and the government. The increase aims to provide relief to over a third of the workforce amid an inflation rate of 47.1%. The announcement was made by Labor and Social Security Minister Vedat Işıkhan, with President Recep Tayyip Erdoğan expressing hopes that the new minimum wage would be beneficial for the country and its citizens. However, the Turkish Confederation of Labor Unions (Türk-İş) rejected the new minimum wage, stating it was insufficient and that they had proposed a figure of 29,583 liras. The new minimum wage also impacts other financial aspects, such as unemployment benefits and social security contributions, which have been adjusted accordingly.
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