The minimum wage hike breaking news is followed closely by millions of citizens. The interim increase made last year will be applied this year as well, in line with the instructions of President Recep Tayyip Erdoğan. The net and gross minimum wage, which will be valid in the second half of the year, will be determined by the July 2023 hike. The increase to be applied to the wage, which is currently paid as net 8 thousand 506 TL, will have a direct impact on many items in the economy. In the meantime, the questions of when the minimum wage will be increased, whether there is an interim increase, how much it will be net and gross, do not fall on the agenda of the workers and employers. Work has started for the additional raise to be determined by the Minimum Wage Determination Commission meetings. Eyes on Minister Bilgin's statements.
HOW MUCH WAS THE MINIMUM WAGE IN JANUARY 2023?
The minimum wage to be applied in 2023 was determined as 10 thousand 8 TL in gross and 8 thousand 506 TL in net after the January increase. On the other hand, with the new wage, support payments to the employer per employee started.
WILL THE MINIMUM WAGE INCLUDE ADDITIONAL?
Explaining that they will not hesitate to make an interim raise if necessary, President Recep Tayyip Erdoğan stated that the minimum wage will be evaluated in July after the AK Party Group Meeting.
After President Erdogan's signal of an increase in the minimum wage in July, eyes were turned to the interim hike to be made in July.
JULY HIGH MINIMUM WAGE IS COMING!
Announcing the details of the welfare share in the minimum wage increase in the AK Party election manifesto, President Erdoğan promised to provide quality and secure work to 32 million employees.
After the lowest pension was increased from 5500 lira to 7500 lira, the July hike to the minimum wage, which concerns 8 million employees in total and indirectly all citizens, was also finalized.
The 6-month inflation figures, which are effective on the pension and civil servant hike, will also be effective on the minimum wage hike in July.
MINIMUM WAGE INCREASE WORK HAS STARTED
Upon the proposal of the Ministry of Labor and Social Security, the Minimum Wage Determination Commission can convene and determine the new minimum wage at any time. This can be annually or monthly.
After the inflation rate in June, the rate of increase for civil servants and retirees along with the minimum wage will also become clear.
There are around 27 million registered employees in Turkey. 41 percent of the total insurances, 7 million 131 thousand of them are working with minimum wage. The minimum wage hike indirectly concerns all citizens.
GOOD NEWS FOR MINIMUM WAGE RETIRED PEOPLE! NET FEE WILL BE 9144 TL
While income from the minimum wage and stamp tax is abolished, only the employee's insurance premium is deducted. A 15 percent deduction is made from the monthly wage of the regular employee subject to insurance premium, and 7.5 percent from the monthly wage of the employee subject to social security support premium.
The monthly net wage of a regular employee with a minimum wage is 8 thousand 506 liras, while the monthly net wage of a retired employee working with a minimum wage, subject to social security support premium, is 9 thousand 144 liras.
Accordingly, the monthly net wage (7.5 percent) of the minimum wage employee who works subject to the support premium after retirement will increase to 639 liras. The part of the wages subject to insurance premiums of those who work with a wage higher than the minimum wage and who work in the same job after retirement will increase at the same rate.
INFLATION WILL BE DEFINITIVE! HOW MUCH WILL THE MINIMUM FEE BE?
At the beginning of the year, with an increase of 54.66 percent, 8-month inflation will be the determining factor in the interim increase in the minimum wage, which is 506 thousand 10 liras and 8 thousand 6 liras gross. Many factors such as the annual inflation difference and the employer's premium burden will be taken into account in the increase.
The minimum wage increase is evaluated over 20, 30, 40 percent. In case of a 20% increase, gross 12 thousand 10 lira, net 10 thousand 200 lira, in case of a 30% increase net 11 thousand 50 lira, gross 13 thousand 10 lira, in case of a 40 percent increase net 11 thousand 908 lira, gross 14 thousand lira It will be 11 thousand XNUMX liras.