Turkish minister warns shops and businesses after minimum wage hike decision

Turkish Commerce Minister Mehmet Mus has warned shops and businesses against raising prices following President Recep Tayyip Erdogan’s decision to raise the minimum wage in 2023.

The minister tweeted that his ministry will step up its efforts against the monopolists who use the minimum wage increase as an opportunity.

Mosh promised that if his approval of these unreasonable price increases was found, they would be subject to the most severe administrative sanctions.
“We are closely monitoring this issue and will not allow exploiters to abuse the steps taken by our government to improve the well-being of our citizens,” Mosh said.

“No one should have any doubts that we will protect the rights and laws of our citizens in this regard,” the minister added.

On Thursday, Turkish President Recep Tayyip Erdogan announced the minimum wage, which will be introduced from January 2023.

Erdogan said in a televised address from the capital Ankara that the minimum net monthly salary would be 8,500 liras, the equivalent of $455, after two raises that nearly doubled this year.

In July, the Turkish government raised the minimum wage by 30 percent to TL 5,500.

The increase follows a 50 percent increase in January, which raised the minimum wage to 4,250 lire.

The latest increase is an attempt to protect households from inflation, which the Central Bank predicts will exceed 22% next year after the end of 2022 at 65%.

Source: Turkey Now