Economy

Turkey raises monthly minimum wage by 30% for 2025

ISTANBUL (Reuters) – Turkey’s net monthly minimum wage will be 22,104 Turkish lira ($630.36) in 2025, Turkish President Tayyip Erdogan said on Tuesday, marking a 30% increase from 2024.

The minimum wage hike, which impacts some 9 million workers and is seen as a benchmark for the increase in private sector salaries, is expected to elevate inflation in the coming months, according to economists.

According to Reuters calculations based on central bank studies, a 25% wage increase would raise annual inflation by between 1.5 and 5 percentage points.

Turkish inflation declined to 47.09% in November from an annual high of 75% in May, mainly due to tight monetary and fiscal policies. However, the improvement in the print was slower than previously forecast according to the central bank.

($1 = 35.0659 liras)

This post appeared first on investing.com

Related posts
Economy

EHang stock: What next for this Joby and Archer Aviation rival?

The EHang Holdings (EH) stock price remains in a strong bear market after falling by about 25% from its highest level this…
Economy

Best Tesla rivals to buy as the EV stock crash gains steam

The Tesla stock price has collapsed this year, erasing almost $1 trillion in value. TSLA has crashed by over 52% from its…
Economy

ETH/BTC: Why is Ethereum vs Bitcoin Crashing, and what next?

Ethereum price came under intense pressure this week as its crash gained steam. The ETH/BTC pair plunged to a low of 0.0225,…