New Minimum Wage Set at 29,640 TL – BRTK
The Minimum Wage Determination Commission has officially set the second minimum wage of 2024 after a majority vote. The new minimum wage, which will come into effect on May 1, 2024, has been determined as net 29 thousand 640 and gross 34 thousand 70 TL, with the approval of both the State and worker parties.
The commission convened for the third time to deliberate on the second minimum wage of the year. The meeting, which started at 18:00, concluded at around 20:30 with the agreement reached by the State and employee representatives. However, the employer side expressed their dissent by voting against the new minimum wage proposal.
Minister of Labor and Social Security, Sadık Gardiyanoğlu, expressed his gratitude towards the worker and employer representatives for their input during the meeting. He highlighted the minimal differences in the proposals put forth by all parties and emphasized the importance of reaching a unanimous decision.
The new minimum wage, which will be effective from May 1, 2024, has been set at gross 34 thousand 70 TL, net 29 thousand 640 TL, weekly 7 thousand 862 TL 30 kuruş, daily 1572 TL 46 kuruş, and hourly 196 TL 55 kuruş.
Cengiz Alp, representative of the Turkish Cypriot Employers’ Union, raised concerns about the methodology used in determining the minimum wage and its impact on business owners. He pointed out the disparity between the minimum wage and national income in Northern Cyprus compared to Southern Cyprus.
Ahmet Serdaroğlu, President of the Federation of Free Trade Unions (Hür-İş), expressed his satisfaction with the slight increase in the minimum wage but stressed the need for a more significant adjustment to reflect the rising cost of living. He announced that the objection process would commence upon the publication of the new minimum wage in the Official Gazette and called on the Government to address the issue of inflation seriously.
The decision on the new minimum wage has been met with a mixed reaction from different stakeholders, highlighting the ongoing debate on wage policies and economic conditions in the country.
