Cyprus

Salary Growth does not Match Purchasing Power Increase

The leader of the main opposition Republican Turkish Party, Tufan Erhürman, recently spoke out about the increase in the minimum wage during a program he attended.

Erhürman emphasized that in the current system, the only way to address the minimum wage is by adjusting it to cover the cost of living for those earning the minimum wage. He stated, “It is commonly believed that as the minimum wage number increases, salaries will also increase. However, it is crucial to ensure that the cost of living is adjusted accordingly to maintain the purchasing power of individuals.”

Furthermore, Erhürman highlighted that each time a new minimum wage is set, the market automatically adjusts, leading to an increase in prices. He explained, “While the numerical value of salaries may rise, the actual purchasing power of individuals does not necessarily increase.”

Erhürman emphasized that the key factor to consider is not just the numerical value of the minimum wage, but rather the increase in purchasing power that it provides.

In addition to discussing the minimum wage issue, Erhürman also criticized the actions of the Animal Producers and Breeders Union. He expressed disappointment in the lack of dialogue with animal producers and the decision to import frozen meat despite opposition from animal producers, butchers, and restaurant owners.

Erhürman’s comments shed light on the complexities of addressing the minimum wage and the importance of considering the real impact on individuals’ purchasing power. As discussions on this topic continue, it is crucial to prioritize the well-being and financial stability of workers in all sectors.

 

Pools Plus Cyprus

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