• Turkey raises minimum wage by 30% in response to rising living costs.
•  Official inflation rate surpasses 70% for the second time in six months.
•  President Erdogan has stated that the government will continue to protect the public from the escalating cost of electricity and other essentials.

Turkey increased its minimum wage for the second time in six months, by 30 percent, in an effort to mitigate the impact of rising living expenses on households.

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The rise, which follows the official inflation rate surpassing 70% in May, lifts the monthly take-home pay of almost 40% of the labour force from TL4,250 ($254) to TL5,500.

President Recep Tayyip Erdoan, whose unwillingness to allow the central bank to raise interest rates has fueled out-of-control inflation, stated that the government would continue to protect the public from the escalating cost of electricity and other essentials.

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“We are taking a number of steps to compensate for the loss of prosperity suffered by our entire population, particularly our workers,” he stated. We’ll continue to accept them.

However, a 20% decline in the lira since January 1, when the previous hike went into effect, translated to a $9 increase in dollar terms.