Turkey increases minimum wage by 50% amid soaring inflation

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Turkey’s minimum wage will be 4,250 Turkish Lira ($ 272) in 2022, President Recep Tayyip Erdogan said, announcing an increase of almost 50%.

Employees will receive a higher minimum wage if they are married and have more children, Erdogan said at a press conference on Thursday.

There are nearly 6 million workers and laborers who depend solely on the minimum wage, Turkish Minister of Labor and Social Security Vedat Bilgin said earlier.

Turkey’s official annual inflation rate reached 21.31 percent in November, Xinhua News Agency reported.

Turkey’s central bank lowered its interest rate from 15% to 14% on Thursday despite soaring inflation and the depreciation of the currency.

The weakening Turkish Lira has left many struggling with higher consumer prices through the importation of essentials.

–IANS

integer / khz /

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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