Minimum Wage Increase Coming: Here Are the Initial Figures on the Table

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16 September / Haber Merkezi

Recently, Vice President Cevdet Yılmaz announced the Medium-Term Program (OVP) and revised the year-end inflation forecast from 33% to 41.5%. This development has led workers on minimum wage to wonder about their salary increase in January. So, how much will the minimum wage rise as we enter 2025? Will the issue of a welfare increment come up?

Social Security Consultant Emin Yılmaz, speaking to Milliyet.com.tr, stated that within the OVP framework, there is a goal to reduce inflation to single-digit figures. Yılmaz emphasized that minimum wage increases will be managed in a way that contributes to the disinflation process, and that the trend of declining inflation will continue with currency stability. It is anticipated that the inflation rate will remain at 41.5% by the end of the year.

THIS YEAR, MINIMUM WAGE INCREASE WILL BE SIGNIFICANT

Yılmaz stated that the minimum wage will not fall below the discussed figures and said, "The government follows a wage policy that protects low-income citizens and retirees from inflation. Therefore, I believe that the minimum wage will increase in line with the year-end inflation rate and will not fall below the 41.5% inflation target."

IF THERE IS A 41% INCREASE, HOW MUCH WILL THE MINIMUM WAGE BE?

Currently, with a minimum wage of 17,002 lira, if a 41% increase is applied, it is estimated that the minimum wage for 2025 will be around 24,000-25,000 lira.

WILL THERE BE AN ADDITIONAL WELFARE INCREMENT FOR MINIMUM WAGE EARNERS?

Regarding the welfare increment, Yılmaz stated, "Adding a welfare increment is possible. In December, the minimum wage commission will convene. A 15-person commission, including representatives from labor and employer unions and the Ministry of Labor, will determine the increase rate".

EXPECTATIONS ARE HIGH THIS YEAR

Expectations regarding the minimum wage increase in January 2025 are high. According to the year-end inflation forecast and the economic policies to be followed under the OVP, it seems possible that the issue of a welfare increment will be discussed.