The reduction of the minimum wage in the north to 29,520 Turkish Lira (TL) has stirred controversy among stakeholders, with the new figure marking a decrease from the previous 29,640TL. Business owners’ appeal for adjustment has led to this change, prompting discussions on the economic implications for workers in the region and beyond.
Business owners are pushing back against the new 34,070TL minimum wage in the north, citing concerns about economic pressures and inflation. They argue that the burden placed on them is unfair compared to their contribution to the economy.
The main issues in setting a fair minimum wage include balancing the needs of workers with economic viability, considering the broader impact on the economy and labor rights. The delicate task of balancing the increase is underway, with unions and employers at odds over the appropriate raise.
The government is nearing a decision on revising the minimum wage law, which is expected to benefit around 25,000 lowpaid workers. Labour Minister Yiannis Panayiotou has indicated that discussions are coming to a close, with an announcement expected next week, as the government seeks to balance economic fairness with the demands of the economy.
Labour Minister Yiannis Panayiotou has announced a new minimum wage framework that aims to balance the needs of society with the economic capabilities of the nation. Through collaborative discussions with the Labour Advisory Body, the government seeks to bridge differences between stakeholders for economic growth and the establishment of a more inclusive insurance system.
