Reference Value Report: Living Wage and 2024 Update for Urban Turkey
This report updates the Anker Living Wage Reference Value for urban Türkiye to June 2024. The Living Wage was TRY 4,954 in the original report for 2021.3 The updated Anker Living Wage for 2024 is TRY 22,141 (USD 679), comprised of a Net Living Wage of TRY 16,013 (USD 491) plus social security and income tax of TRY 6,127 (USD 188). This update takes into account the CPI inflation from June 2021 to June 2024; accumulated inflation in this period was 323.6%5. Without accounting for inflation, the Living Wage for 2021 would not be sufficient for workers and their families to have a basic but decent standard of living in 2024, because the purchasing power of the Living Wage would have decreased.
2024 Reference Value Update Report: Living Wage Report for Urban Turkey
Abstract
This report updates the Anker Living Wage Reference Value for urban Türkiye to June 2024. The Living Wage was TRY 4,954 in the original report for 2021.3 The updated Anker Living Wage for 2024 is TRY 22,141 (USD 679), comprised of a Net Living Wage of TRY 16,013 (USD 491) plus social security and income tax of TRY 6,127 (USD 188). This update takes into account the CPI inflation from June 2021 to June 2024; accumulated inflation in this period was 323.6%5. Without accounting for inflation, the Living Wage for 2021 would not be sufficient for workers and their families to have a basic but decent standard of living in 2024, because the purchasing power of the Living Wage would have decreased.
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Original Report
2021 Reference Value Report: Living Wage Report for Urban Turkey
Abstract
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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