The Government of Turkey has increased their minimum wage by 55% to reduce the effect of the living cost surge among the workers. The recession has weakened the legs of the workers and made them suffer from the financial crisis. Many of them are going through poverty and are also unable to afford their day-to-day needs.
Though the decision will work as an excellent countermeasure against the hardship the workers are facing, experts anticipate this will lead to an economic downturn and will add more to the inflation rate, which is already at a 24-year high of 84.4%.
The president of Turkey, Recep Tayyip Erdogan, has further claimed that from 2023 the monthly minimum wage of workers will be increased to 8,500 Iira, which is equal to $455. As reported by Turkish officials, beyond 30% of Turkey’s workforce is on minimum wage.
Some critics have deduced that this decision is an outcome of the upcoming general election that is to be held in June 2023.
The inflation rate of the country has recently slowed down and decreased to 84.4% annually from 85.5% after more than 18 months.
- Published By Team Timeswire