North minimum wage set at 24,000TL

The north’s minimum wage was raised to a net figure of 24,000TL on Friday, following a unanimous decision of its minimum wage determination commission.

The new minimum wage is more than a 50 per cent increase on the previous figure of 15,750TL, and represents the largest Turkish Lira-value increase since the currency was revalued in 2005.

It will be applied retroactively to all work carried out since the start of the year, meaning all workers in the north will receive at least 24,000TL at the end of this month.

It also represents a significant increase in the real terms value of the north’s minimum wage, with 24,000TL today worth €729.

The previous figure, 15,750TL, was worth €541 when set and is worth €478 today. Following the implementation of the new minimum wage, therefore, Turkish Cypriots earning the minimum wage will be significantly better off than previously.

In addition, the new minimum wage is higher than that of five European Union member states: Bulgaria, Latvia, Lithuania, Slovakia, and Romania.

The move has helped to alleviate fears after Turkey’s minimum wage surpassed that of the north at the beginning of January.

The minimum wage in Turkey is now 17,002TL (€516), and has historically been lower than that of the north due to Turkey’s significantly lower cost of living.

The Republic’s minimum wage is currently €1,000 per month after its latest increase was announced in December.