THE OFFICIAL ANNOUNCEMENT REGARDING THE INCREASE OF THE MINIMUM WAGE
We refer to our Newsletter dated 24 November 2023 regarding the statements of relevant governmental officials related with an increase in the minimum wage. As it is known, a minimum wage is the lowest remuneration that employers can legally pay their employees.
The Ministry of Labor and Social Security along with the Minimum Wage Determination Committee announced yesterday that the minimum wage in Türkiye will be increased by 49% and will be implemented as of 1 January 2024. Accordingly, the monthly-minimum wage of the employees will be gross TRY 20.002,50(approximately EUR 610/ USD 680) and net TRY 17.002,12(approximately EUR 520/ USD 577) as of 1 January 2024.
As you may recall from our Newsletter dated 21 June 2023, the minimum monthly wage was net TRY 11,402 (approx. Euro 350 / USD 390) implemented as from 1 July 2023.
The increase of minimum monthly 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 yesterday’s announcement by the Ministry of Labor and Social Security. Hence the relevant Decision is expected to be published in the Official Gazette within the coming days.
Our Law Firm remains at your disposal for any further clarifications you may need.
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