“Minimum Wage Updates: July Increase and 2023 Projections”
Turkey’s Minister of Labor and Social Security, Professor Dr. Vedat Bilgin, has announced that the country’s minimum wage will increase in July. Speaking to CNN TÜRK, Bilgin stated that “They will be satisfied in July as they were in January” when referring to the minimum wage. The increase will mean that the minimum wage will reach the equivalent of $500 in Turkish Lira.
Bilgin highlighted the significance of the increase, stating that the AK Party government had reached a “historical step” when they excluded the minimum wage level from all wages. He also emphasized that the Republic of Türkiye is a social state and that the minimum wage should not be less than $500.
The increase is seen as positive news for millions of people in Türkiye, and it is hoped that the new wage level will help improve the living standards of low-income families. Bilgin further added that the government will continue to discuss the minimum wage in July and aims to set a new minimum wage level.
The current exchange rate for $500 is 9772.30 TL, and the planned increase in the minimum wage is expected to have a significant impact on the economy, particularly in sectors where low wages are prevalent. With the Covid-19 pandemic still affecting many sectors, the increase in the minimum wage is seen as an important step towards improving the economic well-being of citizens in Türkiye.
