Minimum wage hiked 34 percent

The new minimum wage has been increased by 34 percent from 8,506 Turkish Liras to 11,402 liras (around $483), Labor and Social Security Minister Vedat Işıkhan has announced.

The commission, which included representatives from the government, the labor union Türk-İş and the Turkish Confederation of Employers' Association (TİSK), convened for a third time on June 20 to discuss the new minimum wage for more than 7 million workers.

"On behalf of my nation, I thank all the stakeholders, especially the workers and employers sides, who made efforts in the determination of the minimum wage within the culture of consensus," President Recep Tayyip Erdoğan wrote on Twitter.

Erdoğan noted that the new minimum wage will take effect as of July 1.

The minimum wage was set at a level to protect both employment and workers, Işıkhan said following the meeting, adding that the new wage emerged out of a consensus reached between the parties involved.

The minister noted that the minimum wage was increased by 107 percent compared with the second half of 2022, and that it has risen around 312 percent in real terms since 2022.

Işıkhan said that the minimum wage support the government provides to employers was also increased from 400 liras to 500 liras for the next six months.

The minister reminded that the updated minimum wage normally takes effect as of Jan. 1 for one year but stressed the hike announced today was a measure to protect workers against inflation.

Işıkhan praised Türk-İş leader Ergün Atalay and TİSK president Burak Akkol for their "constructive approach."

Speaking after the meeting, Atalay recalled he met with Erdoğan on June 19 ahead of the commission's gathering. "It was a long talk, and I thank him [Erdoğan]...