Turkey has raised its minimum wage by 55% as inflation continues to spiral out of control in the country, leaving millions of people unable to afford basic necessities.
The Turkish government said that the dramatic increase in the minimum wage is needed to ease the impact of surging living costs.
Turkey’s inflation rate is currently at a 24-year high of 84.4%.
Turkish President Recep Tayyip Erdogan announced that the monthly minimum salary would be lifted to 8,500 lira ($455 U.S.) starting in January 2023.
More than 30% of Turkey’s workforce lives on the minimum wage, according to government data.
President Erdogan’s government has continued to cut interest rates despite runaway inflation.
Several central bankers have quit in recent years in protest of the government’s focus on cutting rather than lifting interest rates to combat inflation.
Turkey’s next general election is scheduled to take place in June 2023.
