Turkish President Recep Tayyip Erdoğan on March 29 announced that the minimum wage will rise in July for a second time this year.
When asked if there will be a hike in minimum wage, Erdoğan said “it will happen in July” after the AKP’s parliamentary group meeting.
Turkey hiked the minimum wage by some 54.66% to 8,506 lira ($444) in the first month of 2023. In July 2022, minimum wage rose by 30 percent for a second time in 2022 in the face of high inflation.
During the AKP’s parliamentary group meeting, Erdoğan also announced that the electricity prices will be lowered by 15 percent for all users, and gas prices by 25 percent for industrial consumption in April.
Moreover, Erdoğan expressed that he will appoint new names as ministers should he assume power once again. Current ministers are expected to become deputy candidates from the ruling Justice and Development Party (AKP).
The moves came before the historical election that Turkey faces in the 100th anniversary of the foundation of the Republic. Turkey will hold Parliamentary and Presidential elections on May 14.
Erdoğan and his AKP face a never-ending economic turmoil and united opposition as big challengers for the elections.
The government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 55.18 percent in February, whereas the independent inflation group ENAG put the figure at 126.91 percent.
The government’s unorthodox policy of cutting interest rates in the face of price hikes spiraled inflation and plunged the Turkish Lira to record lows.