Turkish Minister of Labor Vedat Işıkhan announced today, Wednesday, that the monthly minimum wage in Turkey will reach 17,002 Turkish lira (578.31 dollars) in 2024, representing a 49% increase from the level set in July and a 100% increase compared to January. The annual inflation rate in Turkey rose to 61.98% in November, the highest level this year but slightly below expectations, suggesting that a strong cycle of interest rate hikes may be starting to yield results in calming demand. Inflation surged after a currency crisis at the end of 2021 and peaked at a 24-year high of 85.51% in October of last year. So far this year, the lira has lost around 35% of its value, exacerbating the cost of living crisis for Turks.
Turkey Raises Minimum Wage by 49% for 2024
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