With the statements made by President Erdoğan, it was announced that the minimum wage for 2022 is 4.250 TL. So how does this figure compare to official and unofficial inflation data for 2021? What does the dollar rate say about the new minimum wage?
The year 2022, which Turkey is eagerly waiting for minimum wage issue finally revealed. by President Erdogan with explanationsthe minimum wage to be applied in 2022. 4.250 TL will be stated. It is not known who will be happy and annoyed by this amount, but the only real thing we can say about the new minimum wage is the rate of increase. is above expectations.
One of the most painful realities of our country in recent times is the escalating inflation figures. announced by TUIK According to official data, annual inflation in November 2021, 21.31 percent recorded as. Made by world-renowned economist Steve Hanke according to unofficial calculations Turkey’s real inflation is 100.65 percent. Well in this case, How did the increase in the minimum wage meet the inflation? Let’s discuss this issue together.
The increase in the minimum wage is higher than the inflation announced by TURKSTAT.
A citizen working for the minimum wage, in 2021 2,825 lira He earned a net salary and tried to live on that money throughout the year. When we compare the minimum wages for the years 2021 to 2022, the increase in the minimum wage is approximately is 50 percent we can say. This increase rate is above the annual inflation figure of Turkstat in November 2021. even more than twice. In other words, when we act by looking at the TUIK data, we can see that the increase in the minimum wage is even higher than the inflation in 2021. is high we can express.
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According to Steve Hanke’s calculation, the new minimum wage did not save inflation.
When we look at the ratio between the inflation data of 100.65 percent, obtained as a result of an informal calculation made by a professor, and the increase in the minimum wage in 2022, this time your accounts not holding we can say. Because the minimum wage increase of 50 percent is half of the inflation rate of 100,65 percent as of now. If we look at Steve Hanke’s data, we can see that the increase in the minimum wage defeated by inflation We see.
The most important issue: Has the minimum wage increased? Didn’t he come?
Turkey’s economy, in general terms, is based on the dollar. As a result, the raw materials we buy today almost all We buy in dollars. Moreover, a substantial portion of our country looks at the minimum wage in dollars. If you wish, let’s look at it from this angle now and how the minimum wage has changed against the dollar Let’s calculate.
The dollar/TL parity was trading at 7.43 levels on January 1, 2021. In this case, 2,825 TL in the pocket of an individual working with minimum wage on the first day of the year, It was equivalent to 380 dollars.. The dollar/TL parity on December 16, when the minimum wage for 2022 was announced, is around 15.50. The new minimum wage of 4.250 TL, That’s $274 at today’s exchange rates.…