2024 Minimum Wage Scenarios: Latest Update
The Minimum Wage Determination Commission will have their first meeting on Monday to discuss potential minimum wage increases. According to Social Security Specialist Murat Bal, the meeting will involve mutual presentations of reports, simulations, and cost analyses from both parties.
The Central Bank has announced a targeted inflation rate of 65 percent, which begs the question, what are the potential increase scenarios for the minimum wage in 2024?
If inflation indeed reaches 65 percent, the calculated increase for the legal minimum wage would be 37.7 percent, resulting in a net minimum wage of 15,700 TL. If the inflation rate is 69 percent, the increase would be 40.28 percent, and the net minimum wage would be 15,994 TL.
Another possible scenario is an increase in the minimum wage between 50 and 55 percent, which would result in a net figure of 17,103 TL and 17,673 TL, respectively. These figures do not account for any welfare factors.
As the Minimum Wage Determination Commission prepares to meet, these scenarios will be at the forefront of discussions, and all eyes will be on the negotiation process to determine the future minimum wage.
