The Turkish Minister for Labor and Social Security Suleyman Soylu announced that the governing Justice and Development Party (AK Party) has decided to increase the effective minimum wage to 1.300 TL ($455) per month.
Turkey’s current minimum wage has been standing at 1.000 TL ($344) and the announced raise will be valid as of Jan. 1, 2016.
Soylu has disclosed that 40 percent of the effective increase will be compensated by the Turkish government in 2016 "in order to prevent a black market economy, help increase employment, and support employers," speaking to journalists following his decisive meeting with the major representatives of employee and employer unions on Wednesday.
About 5.3 million workers currently receive the minimum wage in Turkey. Soylu has predicted that number will rise to over 8 million people in 2016.
The AK Party pledged to increase the minimum wage to $445 in its manifesto for the Nov. 1 snap election which it won with nearly half the total vote.