THE DECISION REGARDING THE INCREASE OF THE MINIMUM WAGE

We refer to our Newsletter dated 28 December 2023 regarding the minimum wage determination and its announcement by the Ministry of Labor and Social Security and the Minimum Wage Determination Committee for the year 2024. We would like to inform you with this additional bulletin that the Minimum Wage Determination Commission’s Decision dated 27 December 2023 and numbered 2023/2 has been published in the Official Gazette dated 30 December 2023 and numbered 32415.

In light of this, as per the Minimum Wage Determination Commission’s Decision, The minimum wage in Türkiye has been increased by 49% and implemented as of 1 January 2024. Accordingly, the monthly-minimum wage of the employees will be gross TRY 20.002,50(approximately EUR 610) and net TRY 17.002,12 (approximately EUR 520) as of 1 January 2024.

Therefore, the new gross minimum monthly wage will reach TRY 20,002,50 (approximately Euro 610[1]) exclusive of certain social security premiums and unemployment contribution. The said amounts are respectively TRY 3,100.39 and TRY 400.05. Thereby, the total cost for the employer will be TRY 23,502.94 (approximately Euro 720) for a minimum wage employee.

[1] As per the exchange rate valid on 2 January 2024, 1 EUR = 32.70 TRY.

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