Chamber of Industry: Minimum Wage Must Be Set with Economic and Social Balance in Mind

In a statement issued following the first meeting of the Minimum Wage Determination Commission in the Turkish Republic of Northern Cyprus, the KTSO underscored that the new period of negotiations should be conducted with a focus on safeguarding social justice, maintaining local production, and ensuring workplace harmony.

The Chamber emphasized that economic indicators, the state of the labour market, and the sustainability of productive sectors must all be taken into account. It expressed hope that decisions would be made in a spirit of consensus and collective wisdom, aimed at enhancing social welfare.

Highlighting the economic challenges currently faced by businesses, the KTSO stressed the need to strike a wage balance that protects both the viability of enterprises and workers’ living standards. “Given the current economic climate, the effects of inflation and rising cost pressures on businesses must be carefully evaluated,” the statement read.

Noting that the industrial sector remains a cornerstone of the country's economic development, the Chamber pointed to soaring energy costs, high inflation, currency fluctuations, and rising production input prices as major factors undermining the competitiveness of local enterprises.