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Türkiye reveals 2024 minimum wage increase rate – unravelling new employer costs and impact on business

Turkiye
02/01/2024
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Türkiye will increase the nation’s monthly minimum wage by 49% in 2024, bringing the gross monthly minimum wage to TRY 20,002.50 (EUR 611.21), the net wage to TRY 17,002.12 (EUR 519.53), and increasing the entire cost of employment to TRY 23,502.94 (EUR 718.17).

Finalised at the end of December 2023, the new wage will take effect 1 January 2024, which means that employers will, in most cases, be obligated to observe this when they pay salaries at the end of January 2024 for work in January 2024.

Labour unions in Türkiye demanded the minimum wage be increased to TRY 18,000 and that the wage be increased two (2) times per year instead of once.

High inflation in Türkiye makes it difficult to create a climate that satisfies both workers and employers. Nevertheless, this 49% increase in the new minimum wage is generally seen as reasonable by workers and employers.

A second increase in 2024, however, is not anticipated since Türkiye has experienced two (2) minimum wage increases over the past two (2) years.

For more information on how your Türkiye-based business can best navigate these changes and optimise its business strategies, contact your CMS partner or these local CMS experts: Dr. Döne Yalçın, Sinan Abra or İremgül Mansur.

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