Minimum wage worker lost $53 in 10 months

Minimum wage worker lost  in 10 months

Minimum wage worker lost $53 in 10 months

After the election, when control over the currency markets began to diminish, the dollar rose rapidly, while the losses of the TL, which had been trying to maintain public control for months, also rapidly deepened. The dollar, which at the beginning of the year cost 18.70 lira, rose to 28.75 lira last week, breaking a record. The large depreciation of the TL since the announcement by Minister of Treasury and Finance Mehmet Şimşek that rational policies will be applied to the economy again has caused the purchasing power of low-income people to decrease day by day. One of the most important indicators of the decline in citizens’ purchasing power was the erosion of the minimum wage against the dollar.

IN JANUARY IT WAS $454.8

When the minimum wage was set at 8,506 lira in January, the dollar was worth 18.70 lira and the minimum wage could earn $454.8. When the dollar rose to 26 lira on June 30, the minimum wage fell to $327. In July, the minimum wage was increased to 11,402 lira, an increase of 34 percent. On July 1, the dollar reached 26 lira, and although the new minimum wage compensated for the loss in June, it could only rise to 438.5 dollars and could not reach its equivalent at the beginning of the year. However, when we arrived in November, along with the growing loss in TL, minimum wage workers also experienced a significant loss against the dollar. With the minimum wage of 11,402 lira, today only 401.8 dollars can be purchased at the exchange rate of 28.38 lira. While the TL has lost 34 percent of its value against the dollar since the beginning of the year, the minimum wage, which was 454.8 dollars (8,506 lira) in January, decreased to 401.8 dollars (11,402 lira) and the loss of employees in dollars installments since the beginning of the year has reached $53.

The hunger limit increased by 4,820 lira in 10 months

When Mehmet Şimşek took office as Minister of Treasury and Finance on June 4, consumer inflation was 39.59 on an annual basis. The Turkish Statistical Institute announced that the annual consumer inflation in October was 61.36 percent. According to Türk-İş hunger and poverty research, when the minimum wage was 8,506 lira in January, the hunger line was 8,864 lira and the poverty line was 28,875 lira. In October, while the minimum wage was 11,402 liras, the hunger line reached 13,684 liras and the poverty line reached 44,573 liras. In the period January-October 2023, the hunger limit increased by 4,820 lira.

Source: Sozcu

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