Posted 12/27/2023, 5:13:49 PM
Turkey to Raise Minimum Wage 49% in 2024, Risking Faster Inflation
- Turkey will increase minimum wage by 49% in 2024 to $578 per month to help workers coping with high inflation
- Comes after over 100% minimum wage increases this year that contributed to faster inflation
- More than a third of Turkey's workforce earns minimum wage
- Hike is close to levels that banks have warned could complicate central bank's inflation fight
- Government planning single minimum wage hike for 2024 rather than two adjustments as in previous years