Turkey will raise the minimum wage by 30% next year

Jinshi data news on December 25th, according to foreign media reports, Turkey has raised the minimum wage by 30% this month, which has relieved investors. They hope that Turkey can take specific measures to retract populist policies and promise to curb one of the highest Inflations in the world. Turkish Labor Minister Vedat Isikhan said on Tuesday that by 2025, the minimum wage will increase from 17,002 lira to 22,104 lira (627 US dollars), rise in line with market expectations. Investors have warned that any rise exceeding 30% may disrupt the inflation forecasts set by the Central Bank and complicate the timing of the first rate cut since February 2023. The minimum wage level is seen as one of the key determinants of Turkey's economic policy. Policymakers expect that by the end of next year, the rate of price increases will slow from the current 47.1% to 21%.