Economic news

Turkey Raises Monthly Minimum Wage by 49% for 2024

ANKARA, Dec 27 (Reuters) - Turkey's monthly minimum wage will be 17,002 Turkish lira ($578.31) in 2024, Labour Minister Vedat Isikhan said on Wednesday, marking a 49% increase from the level determined in July and a 100% hike from January.

Turkey's annual inflation rate edged up to 61.98% in November, its highest level this year but just shy of expectations, signalling that an aggressive rate-hiking cycle may be beginning to cool demand.

Inflation soared after a currency crisis at the end of 2021 and touched a 24-year peak of 85.51% in October last year. This year, the lira has so far lost some 35% of its value, compounding the cost-of-living crisis for Turks.

($1 = 29.3996 liras)

Reporting by Ece Toksabay

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree