Update Report: Living Wage Reference Value Update 2023 for Urban Turkey

RV Update report
Written By Anker Research

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Anker Reference Value Update Report 2023

This report updates the Anker Living Wage Reference Value for urban Türkiye to June 2023. The living wage reference value was originally estimated at TRY 4,954 in 2021. The updated value takes into account the inflation accumulated in the country from June 2021 to June 2023 (146.87%). The value updated to 2023 is TRY 13,087, and comprises a net living wage of TRY 9,332 and the social security, unemployment insurance and income tax payments mandatory for 2023, which amount to TRY 3,755. Without accounting for inflation, the living wage estimated in 2021 would not be sufficient for workers and their families to have a basic but decent standard of living in 2023, because the purchasing power of the living income would have decreased.

 

This report is an update to the original Living Wage Reference Value report written in 2021

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Reference Value Report: Living Wage Report for 2021 Urban Turkey
Reference Value Report: Living Wage Report for 2021 Urban Turkey

The Anker Living Wage Reference Value for 2021 for urban Turkey is TRY 4,954 per month. This is the average living wage over 2021 required by an urban worker to be able to afford a basic but decent living standard for himself or herself and his/her family in a typical urban area of Turkey. It is important to note that the living wage would be higher than this at the end of 2021 for two reasons. First: Turkey has a high inflation rate, which spiked further in the second half of 2021 to an annual rate of around 20% in October, according to TURKSTAT (and said to be even higher according to others), and the recent large depreciation of the lira is likely to further exacerbate inflation. And second: payroll deductions and income tax due on the living wage started increasing from June. In addition, it is also important to keep in mind that in such a large and diverse country like Turkey, living costs and living wages are necessarily higher than average in expensive and developed cities such as Istanbul, Izmir and Ankara.

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