The minimum wage melted by $35 in one day

The sharp increase in exchange rates caused the merger of the minimum wage together with the TL.

When the net minimum wage was set at 11,402 TL on Tuesday, June 20, this figure was equivalent to $483 at that day’s exchange rate.

Before the decision of interest rates of the Central Bank (CBRT) yesterday, the price of the dollar decreased to 23.49, while the minimum wage was 485 dollars.

After the interest rate decision, the dollar price reached 25.48 this morning and thus the minimum wage dropped to 447 dollars.

Thus, the minimum wage melted to $38 in less than 24 hours. In one day, the decrease in the minimum wage in dollar terms reached 7.8.

The minimum wage, which was $455 on January 1, 2023, dropped to $360 on June 20, the day the minimum wage increase was announced.

Mustafa Gültepe, president of the Turkish Exporters’ Assembly, said in a statement two weeks ago that the net minimum wage should be between $300 and $400.

IT WILL BE BELOW THE FASTEST LIMIT AGAIN

With rising exchange rates triggering a new wave of inflation, the minimum wage is expected to fall back below the hunger limit.

The hunger limit announced by Türk-İş was 10,360 TL in May 2023. The poverty line was calculated at 33,750 TL.