Turkey raises monthly minimum wage by 49% for 2024

Turkey's monthly minimum wage will be 17,002 Turkish lira ($578.31) in 2024, Labour Minister Vedat Isikhan said on Wednesday, marking a 49 per cent increase from the level determined in July and a 100 per cent hike from January.

Turkey's annual inflation rate edged up to 61.98 per cent in November, its highest level this year but just shy of expectations, signalling that an aggressive rate-hiking cycle may be beginning to cool demand.

Inflation soared after a currency crisis at the end of 2021 and touched a 24-year peak of 85.51 per cent in October last year. This year, the lira has so far lost some 35 per cent of its value, compounding the cost-of-living crisis for Turks.