Minimum Wage Loses 11% of Its Value Against the Euro in 83 Days
The purchasing power of the net minimum wage, set at 37,818 TL since January 1, 2025, has eroded by more than 10% against foreign currencies. The government's previous boast that "the minimum wage has surpassed 1,000 euros" is rapidly losing ground.
According to exchange rates announced by the Central Bank of the TRNC at the beginning of each month, the minimum wage remained relatively stable in January and February. However, March has seen a sharp decline, partly triggered by political developments in Turkey.
On January 1, the minimum wage was equivalent to 1,026 euros, but by March 24, it had dropped to 917 euros, marking a 109-euro loss (11%). Similarly, its value in US dollars fell from 1,069 to 996 (a 7% decrease), while its pound sterling equivalent declined from 850 to 768 (a 10% loss).
The depreciation of the Turkish lira, combined with price hikes across all sectors as businesses adjust for currency fluctuations, is deepening the erosion of wages.
Many citizens have voiced frustration over the relentless price increases, stating that they "cannot buy the same goods at the same price from one day to the next." Calls for government intervention to curb inflation and stabilize prices are growing louder.
Source: Haber Kıbrıs
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