ADVERTISEMENT

Business

Minimum wage in Europe: Despite a 29% increase, Turkey only surpassed Bulgaria among EU countries

ADVERTISEMENT

After the 29% increase in the minimum wage in July, it is a question of 5,000 500 lire net; the gross amount rose to 6 thousand 471 lire.

Compared to European countries, Turkey continued to be the last place when comparing the minimum wage, which was formed with the new rate of rise.

After the 29 percent increase, Turkey only surpassed Bulgaria, one of the European Union (EU) countries, in foreign currency. According to the Central Bank’s July 1 (CBRT) rate, the minimum gross monthly wage in Turkey has risen to € 370.

In Bulgaria, in the first half of the year, the amount was 332 euros. The Statistical Office of the EU (Eurostat) has not yet announced tariffs for the second half of 2022. After the announcement at the end of July, Turkey could lag behind Bulgaria.

Annual inflation, announced by the Turkish Statistical Office (TUIK), reached 74% in May. In the face of rapidly rising inflation, the purchasing power of wage earners has decreased.

Although the minimum wage is usually raised once a year at the beginning of the year, President Recep Tayyip Erdoğan announced that the monthly net minimum wage has been raised from Lire 4,000 253 to Lire 5,000 500 for the second half of the year. .

The gross minimum wage went from 5 thousand 4 lire to 6 thousand 471 lire. According to the TCBM July 1 exchange rate, the net minimum wage was € 286 and the gross wage was € 370.

Eurostat announces the gross minimum wage in euros for the first half and second half of the year in European countries in January and July of each year.

Eurostat has not yet announced tariffs for the second half of 2022; The announcement will take place at the end of July. As the minimum wage in Turkey is announced in the second half of the year, a comparison can be made based on the available data.

According to Eurostat data, Turkey was behind all EU countries in terms of gross minimum wage in the first half of 2022. While the gross minimum wage was € 328 in the first six months of 2022 in Turkey, it was € 332 in Turkey. Bulgaria. For the countries announced by Eurostat, Turkey only left Albania.

Eurostat has not yet announced the tariffs for the second half of 2022

After an increase of 29 per cent, the gross minimum wage was 370 euros in the second half of 2022. With this amount, Turkey only surpassed North Macedonia (359 euros), Bulgaria (332 euros) and the Albania (248 euros). This ranking could change from Turkey after Eurostat announced taxes for the second half of the year at the end of July.

The minimum wage in Germany is € 1621.

The gross minimum wage is € 2,257, with the highest in Luxembourg. This country is followed by Ireland (1,775), the Netherlands (1,725), Belgium (1,658) and Germany (1,621).

In Turkey’s neighbor, Greece, the gross minimum wage in the first half of 2022 was € 774.

Eurostat has removed data on Turkey’s purchasing power

Despite 2022 data from other countries on the purchasing power of the minimum wage, Eurostat has not updated the data from Turkey. Eurostat also decided to carry out a recalculation by removing the data on Turkey for 2021, which had previously been announced on the purchasing power of the minimum wage, after the depreciation of TL.

.

ADVERTISEMENT

Leave a Comment