Turkish President Tayyip Erdogan arrives at National Defence University for a graduation ceremony in Istanbul, Turkey, on July 1, 2022. (Reuters)
Istanbul: Turkey will increase its minimum wage by around 30% to a net 5,550 lira ($331.26) per month with immediate effect because of persistently high inflation, President Tayyip Erdogan said on Friday, adding to a 50% rise at the end of last year.
The dollar value of the initial 2022 minimum wage - some 4,250 lira monthly - has shrunk to $254 in six months from $317 at the start of the year as currency has declined.
The lira depreciation and economic impact of the war in Ukraine has sent Turkey's annual inflation rate to a 24-year high of 73.5%, severely straining household budgets ahead of tight elections for Erdogan by mid-2023.
