From September 1, 2024, a new MINIMUM WAGE .
The Council of Ministers published a resolution in the Official Gazette regarding the revision of the minimum wage, which came into force retroactively. a period of 10 days is established for filing objections .
Previously, the Commission for Determining the Minimum Wage decided that the new minimum wage in the TRNC would be 35,180 Turkish liras “net” and 40,436 Turkish liras before taxes. This growth is about 19% . If there are no objections, from October wages will be calculated at new rates: 233.28 Turkish liras per hour, 1,866.27 liras per day and 9,331.38 liras per week.
The last time the minimum wage in the TRNC was increased was at the end of May 2024 by 23.5%, to 29,640 Turkish lira . Then the government and employers came to a consensus, although employer representatives voted against the increase. During the 10-day objection period, the minimum rate was reduced by 120 liras, ultimately setting it at 29,520 Turkish liras .
THE MINIMUM WAGE AFFECTS DIFFERENT ASPECTS OF THE TRNC:
- Residence Permit US$14,000 is required for the Real Estate Residence Permit of US$42,000 for the High Income Permit This is directly related to the level of the minimum wage.
- Fee for applying for a permit to purchase real estate : 1/2 of the minimum wage, which is about 600 US dollars.
- Fines for traffic violations : The amount of fines for traffic violations is also based on the minimum wage.
- Prices of goods and services : Increases in wages affect the cost of goods and services, as well as the level of labor costs included in the cost of goods and services provided.
