"19:53 - 28 December 2004 - Turkey's minimum wage will rise by 10% to a gross payment of 488.7 million Turkish lira per month from TRL444 million per month, Labor Minister Murat Basesgioglu said.
The net payment increases to TRL350 million from TRL318 million.
The Minimum Wage Commission held its fourth meeting in order to set the monthly minimum wage for some four million workers, which will be valid through the next year.
The monthly minimum wage was increased by 34.1% to a net TRL303 million in the first half of this year and it was raised by 5% to TRL318 million in the second half. The annual inflation target was 12% for 2004. The increase in the minimum wage was below market expectations of a 12% rise.
Basesgioglu said he was very happy to ensure a 10% minimum wage hike, given the inflation target for 2005 is 8%. "