Turkey increases minimum wage by 50 pc amid soaring inflation

Turkey's minimum wage will be 4,250 Turkish liras ($272) in 2022, President Recep Tayyip Erdogan has said, announcing a nearly 50-per cent increase. 

The employees will enjoy a higher minimum wage if they are married and have more children, according to Erdogan at a press conference on Thursday. 

There are nearly 6 million workers and labourers relying solely on minimum wage, Turkish Labor and Social Security Minister Vedat Bilgin said earlier. 

The official annual inflation rate in Turkey rose to 21.31 per cent in November, Xinhua news agency reported. 

Turkey's central bank on Thursday further lowered the interest rate from 15 to 14 per cent despite soaring inflation and depreciating currency. 

The weakening Turkish lira has left many people struggling with higher consumer prices through the import of essential goods.