The loss in the minimum wage exceeded 50 euros

After consumer inflation announced yesterday in the US fell below expectations to 3 percent, the dollar index declined, while the value of the euro rose against the dollar and the TL.

While the Euro/Dollar parity is 1.1149 today, the 29.20 level in Euro/TL, which broke above the 29 level for the first time yesterday, was broken today.

While the rise in the euro pleased the exporter, which makes half of its sales to European Union (EU) countries, it also brought a further depreciation of the minimum wage in euro terms.

The minimum wage, which will be valid in the second half of the year on June 20, 2023, was announced at TL 11,000,402. At that time, 1 euro was equivalent to 23.62 TL and the new minimum wage was equivalent to 442 euros.

Today, the new minimum wage has dropped to 390 euros. Less than a month after the announcement of the new minimum wage, the new minimum wage decreased by 52 euros before it was even deposited into employee accounts.

The minimum wage was equivalent to 427 euros on January 1, 2023 and fell to 329 euros on June 20 before the increase.

At the beginning of the year, the dollar/TL was 18.73 and the euro/TL was 19.92. The increase in Euro/TL has exceeded 45% since the beginning of the year.

GREAT LOSS ALSO IN DOLLAR BASIS

When the new minimum wage was announced on June 20, the new figure equaled $483. Today, the minimum wage equals $436.

The minimum wage was equal to $453 on January 1, 2023 and fell to $360 before the increase was announced on June 20.

With the ongoing depreciation in TL, the minimum wage is expected to continue to decline in foreign currency through the end of the year.