The period of two raises per year is over
One of the topics of curiosity before the new year will be the minimum wage increase that affects millions of employees. Minister of Labor and Social Security Vedat Işıkhan In his statement after the cabinet meeting, he signaled a single increase in the minimum wage that will be valid in 2024.
Minister Işıkhan,“Just like in July, our principle is not to be overwhelmed by inflation. As you know, the minimum wage has always been once a year. We are working to increase it once a year.” he said.
“THERE WILL BE NO NEED FOR A SECOND INCREASE”
Minister Işıkhan stated that minimum wage negotiations will start in December. “The decision must be published in the Official Gazette as of December 31. Therefore, it will be like what we did last July. As you know, the minimum wage has always been once a year.
Again, we are working for a single raise. Last July was extra. This happened after it was needed, with the foresight of our President. But if the need arises, we can come together. Hopefully there will be a decline in inflation next year. We will not hold a second meeting in July, we think there will be no need for a second raise. All parameters are going well because” said.
HOW IS THE MINIMUM WAGE DETERMINED?
The minimum wage is determined by the Minimum Wage Determination Commission, which consists of 15 people, including five representatives from workers, employers and the government, as required by law. The commission normally meets four times.
However, last year, a meeting was held in June 2022 to make an interim increase in the minimum wage in the face of increasing inflation and prices. The Commission held its first meeting on Wednesday, June 29, 2022, and held its second meeting on June 30.
After two meetings where the interim raise was held in 2022, a unanimous decision was made and it was determined to be effective as of July 1.
Finally, the interim increase in the minimum wage was made on July 1, 2023. Thus, the minimum wage was determined as 11 thousand 402 TL net, with an increase of 34 percent.
The commission, chaired by one of the members determined by the Ministry, meets with the participation of at least 10 members and decides by majority vote. In case of equality of votes, it is assumed that the party with the chairman has the majority.
