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Turkey is raising its minimum wage by 21.56%

Turkey is raising its minimum wage by 21.56%

Turkey is raising its minimum wage by 21.56% as of Jan. 1, the country’s family, labor and social services minister announced Monday.

The monthly net minimum wage will amount to TL 2,826 ($380), up from TL 2,324, Zehra Zümrut Selçuk said in the capital Ankara after the fourth and last meeting of the country’s Minimum Wage Determination Commission.

The new gross minimum wage, before deductions such as social security premiums and income taxes, will reach TL 3,578.

“The net minimum wage has increased by TL 500 or by 21.56% compared with 2020,” Selçuk said.

The minister said the wage increase was 7 percentage points higher than the November inflation rate.

“In November 2020, inflation was 14.03%. By providing an increase of about 7 percentage points above this rate, we have once again kept our promise that we will not let our workers be crushed by inflation,” Selçuk said.

Turkey’s annual inflation stood at slightly above 14% in November while the 12-month average hike in consumer prices was 12.04%.