The minimum wage in Turkey increased above inflation. Minister Şimşek announced that the welfare of employees will be supported sustainably.
Historic Increase in Minimum Wage: An Increase Above Inflation and 2025 Targets
Minister of Treasury and Finance Mehmet Şimşek made important assessments regarding the minimum wage increases in Turkey. Minister Şimşek emphasized that the arrangements made to increase the welfare of employees have left inflation rates behind. Şimşek, who stated that the minimum wage will exceed 620 dollars in foreign currency by 2025, said that the economic growth and stability targets continue.
Real Increase Exceeded Economic Growth
Minister Mehmet Şimşek announced that the annual average growth rate of the Turkish economy was 5.3 percent in the 2003-2024 period. Şimşek, who stated that the real increase in the minimum wage reached 5.6 percent in the same period, stated that this figure shows that employees benefit more from economic growth.
According to economic indicators, the share of labor payments in total value added increased to 37.6 percent in the third quarter of 2023. This rate increased by 6.1 points in the last year, reaching its highest level since 1998.
Wage Increase at International Standards
Minister Şimşek, who stated that the minimum wage in Turkey is higher than many countries, said that countries such as Romania, Bulgaria, Mexico, China and Brazil are behind the minimum wage levels. Şimşek stated that the minimum wage in Turkey will exceed $620 at the current exchange rate by 2025 and that it will further increase the purchasing power of employees.
Price Stability and Permanent Prosperity Target
Şimşek stated that price stability is an indispensable element for permanent prosperity and explained that Turkey focuses on the goals of ensuring economic growth and fair income distribution. Şimşek, who stated that the cornerstones of the economic program include sustainable growth and reducing income inequalities, stated that the policies to be implemented in the coming periods will continue in this direction.
Investments and Workforce are Supported
Minister Şimşek stated that Turkey has taken steps to support the workforce and investments in the growth process. He emphasized that the economic policies implemented to improve the living standards of employees in particular will be continued in line with the fight against inflation.
Future Goals: Prosperity and Strong Economy
Şimşek stated that economic growth will continue unabated in the 2025 goals and that regulations will be implemented to protect the purchasing power of employees. Şimşek, who said that decisive steps will be taken in the fight against inflation, announced that in addition to balanced growth strategies, support for the workforce will also be increased.
Results and Expectations
The statements of Treasury and Finance Minister Mehmet Şimşek show that Turkey’s economic policies will further strengthen the improvement and protection mechanisms for employees. These strategies, which aim to increase competitiveness both locally and internationally, will be supported by sustainable growth and stable price policies.
