THE OFFICIAL ANNOUNCEMENT REGARDING THE INCREASE OF THE MINIMUM WAGE

As it is known, a minimum wage is the lowest remuneration that employers can legally pay their employees.

As per the President’s announcement of today, the minimum wage in Turkey will be increased by 54.7% as of 1 January 2023. Accordingly, the monthly-minimum wage of the employees will be gross TRY 10,008 (approximately EUR 500) and net TRY 8,506.80 (approximately EUR 430) as of 1 January 2023.

The increase of minimum wage of employees should also have an impact on other employees’ wages, which are above the minimum wage. Hence, it would be recommended for employers to consider an increase of wages for those employees in order to protect them against rising inflation, purchasing power, high living costs and so on.

Please kindly note that this Newsletter is prepared on the basis of today’s announcement; the relevant Decision is expected to be published in the Official Gazette within the coming days. Accordingly, once it is official, we will share with you more details regarding the new amounts of the minimum wage in terms of employees for the year 2023.

Our Law Firm remains at your disposal for any further clarifications you may need.