Inflation & Prices
Turkey’s 49% Minimum Wage Hike Balances Between Unions, Markets
- Workers demanded bigger 2024 increase and two-time adjustment
- Decision complicates efforts by central bank to curb inflation
An employee organizes tables outside a cafe. The monthly net minimum salary will be set at 17,002 liras ($578).
Photographer: Kerem Uzel/BloombergThis article is for subscribers only.
Turkey will raise the minimum wage by 49% in the new year, close to a level that several Wall Street lenders have warned would complicate the central bank’s efforts to curb inflation.
The monthly net minimum salary will be set at 17,002 liras ($577) as part of a single adjustment, Labor Minister Vedat Isikhan said in a televised news conference in Ankara on Wednesday. Goldman Sachs Group Inc. and Morgan Stanley have suggested the central bank could further tighten policy should the hike be higher than 40%-50%.