The Turkish government has enacted an increase in the minimum wage for 2025, prompting concerns among workers due to high inflation.
Details on the Minimum Wage Increase
The minimum wage for 2025 is set at 22,104 TL, representing a 30% increase from the previous year. However, with an inflation rate of 47%, confirmed by the Turkish Statistical Institute, workers are worried about their purchasing power. The minimum cost of living is estimated at 26,712 TL, raising questions about living on this wage.
What Can Be Afforded with the New Wage?
The minimum wage for 2024 was 17,002 TL, which is a significant increase, but falls short of the anticipated level advocated by labor groups like Türk-İş, who called for 29,583 TL. Labor Minister Vedat Işıkhan announced the new wage, which does not sufficiently address inflation issues.
Issues with Cryptocurrency Access
With the new minimum wage, workers face increased difficulties in investing in cryptocurrencies. In 2023, they could secure larger amounts such as Bitcoin and Ethereum. However, for 2025, the purchasing power has significantly diminished, and workers can afford:
- Bitcoin: 0.006357 BTC - Ethereum: 0.1784 ETH - Shiba Coin: 27,038,532 SHIB - Ripple: 267.6 XRP
This decline is attributed to rising cryptocurrency prices, insufficient wage adjustments, and ongoing depreciation of the lira.
As inflation and depreciation persist, Turkish workers face financial strains affecting both daily expenses and investment opportunities.
