News World

Turkey increases minimum wage by 50% as Turkish lira falls

Source: Pixabay

Turkey’s minimum wage will be 4,250 Turkish liras ($272) in 2022, according to President Recep Tayyip Erdogan, representing a nearly 50% increase.

According to Erdogan, who spoke at a press conference on Thursday, employees who are married and have more children will receive a higher minimum wage.

According to Turkish Labor and Social Security Minister Vedat Bilgin, nearly 6 million workers and laborers rely solely on the minimum wage.

According to the Xinhua news agency, Turkey’s official annual inflation rate rose to 21.31 percent in November.

Despite rising inflation and a weakening currency, Turkey’s central bank cut interest rates from 15% to 14% on Thursday.

Because of the Turkish lira’s depreciation, many people are facing higher consumer prices due to imports of essential goods.

Tags

About the author

Brendan Taylor

Brendan Taylor was a TV news producer for 5 and a half years. He is an experienced writer. Brendan covers Breaking News at Insider Paper.




Daily Newsletter