The European Union Statistics Office has decided to update the purchasing power data of the minimum wage for 2021, which it predicts will not remain at the same level after the depreciation of the TL. Therefore, Turkey’s 2021 purchasing power data has been removed. In the latest data published, data for the second quarter of 2020 were used.
The European Union Statistical Office (Eurostat) has made a thought-provoking move today. Eurostaton the purchasing power of the minimum wage due to the rapid depreciation of the Turkish lira, Removed Turkey’s data for 2021 from the system. The office announced that it has decided to recalculate the data for 2021.
Turkey was listed in a better position in purchasing power of minimum wage, although it was in the last place in Europe in terms of minimum wage in Euro basis in outdated data. But with the Turkish lira depreciating by a factor of two (and in some cases exceeding), Eurostat said that the purchasing power of the minimum wage in Turkey not staying at the same level came to the conclusion.
Turkey had fallen below all EU countries in the minimum wage in the latest data.
Eurostat, which shares minimum wage data twice a year, shares the first of these at the end of January and the second at the end of July. In each country, there is the gross minimum wage in Euro and the purchasing power of the minimum wage. According to the data released on January 28, Turkey fell behind all EU member countries in euro terms, despite the increase in the gross minimum wage.
On the other hand, the purchasing power data announced together with the minimum wage (table above) did not include data on Turkey’s first half of 2022. Due to the significant depreciation of the Turkish lira against the Euro in the last months of 2021, the office has stated that the purchasing power of the minimum wage in Turkey impossible to stay at the same level came to the conclusion. For this reason, he decided that it would be more accurate to use Turkey’s 2020 second half score in the press release and graph for 2022. Therefore, the table above showed Turkey at a higher point than it actually is.
In a statement to Euronews regarding this issue, Eurostat used the following statements:
“Turkey’s purchasing power data for 2021 is not ready yet. Therefore, the second period of 2020 was used in the last data announced.
With Eurostat’s recalculation of Turkey data, Turkey’s big drop in ranking While waiting, how much the decrease will be revealed at the end of the calculation.
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