Turkish President Erdogan announced that the country's monthly minimum wage will increase by 55% from next year.

The picture shows shoppers at the Spice Bazaar in Istanbul, Turkey on the 22nd.

(European News Agency)

[Compiler Guan Shuping/Comprehensive Report] Turkish President Tayyip Erdogan announced on the 22nd that the country's monthly minimum wage will be raised by 55% from next year in response to the impact of inflation on families.

However, since Turkey will hold a general election in June next year, the government's move also has the meaning of boosting the election for Edogan, who is seeking re-election.

From January next year, the monthly minimum wage in Turkey will rise to 8,506.80 liras (US$455, about 14,000 Taiwan dollars).

This is the third time that Turkey has raised the minimum wage this year, and it has almost doubled since the beginning of this year.

More than 1/3 of the workers in Turkey receive the minimum monthly wage.

Please read on...

Edogan announced the news in a nationally televised speech in Ankara, saying the government stepped in to determine the size of the adjustment because employers and workers' unions could not reach an agreement.

Turkey announced last month that the annual inflation rate in October was 85.5%. The Central Bank of Turkey estimates that this year's inflation rate will be slightly higher than 65%, and it is expected to exceed 22% next year.

According to the International Monetary Fund (IMF), Turkey may have the fifth-highest inflation rate in the world this year.

The Ukrainian-Russian war has driven up commodity prices, coupled with domestic ultra-loose monetary policy, fueling inflation in Turkey. The Central Bank of Turkey is under pressure from Edogan to cut interest rates. slowed down to about 40%.

However, the soaring prices have eroded the standard of living, which has caused widespread dissatisfaction among the Turkish people. For this reason, the government raised basic wages by 50.5% and 30% in January and July respectively.

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