The absolute madness of the Minimum Wage

[techtrader]

Another over 18% rise to 60,618tl Gross

The wage is now approximately 15.87 times higher than it was in 2020 (That's 1500% nominal)

What do they think they are solving with these increases?

Please discuss!!?

[techtrader]

Over the same period the £ to TL rate has appreciated 637%
And $ to TL is also 637%

So why in real terms have wages more than doubled over the period when adjusted for currency appreciation during a period of economic turmoil so we are told!

Effectively you have to have twice as much income (in sterling terms) to live here now compared to 2020!!

[techtrader]

Prices have increased around 12x in this period (above)

For context, this cumulative inflation is higher than the Turkish Lira's ~637% depreciation against major currencies over the same period but lower than the ~1,487% nominal minimum wage increase, indicating some real wage gains for minimum wage earners amid the high inflation environment.

[Reyntj]

Everyone knows the salaries dont match the countries gdp per capita. Thats why the country keeps borrowing every month. Its now more reliant than ever on turkey..president erdogan has allowed this populist salary increase. The tcs are not enriching themselves they are just becoming more reliant on turkey. Which is what turkey wants.


Its a vote winner.

I noticed today a simit seller lady in a van increased her price from 30 tl to 40 tl which isnt expensive per se but i was also just wathching a video on turkey and people where complaining that simits in istanbul where costing 25 tl compared to ankara at 15-20 tl...wait until they come here...

The net min wage here is higher than the south and yet gdp per capita is more than double there...thats not sustainable for an economy..

[snd1966]

Unfortunately until more of the country's employees are not based on basic wage. A better way of allowing people to pay taxes without the costs of running a business.
How many people check "friends" legal status to assist them??
Rent to salary is very different, how working people can reassure their landlord they can pay the rent when generally it is in a different currency than they are earning.
Everything seems to be linked to minimum wage, residency, fines, pensions etc

[Mowgli597]

I’m not sure if this shouldn’t go under a different topic heading such as one dealing with residency so, Mods, please feel free to move.

I received an email from the TFR yesterday which talked about the new minimum wage and I hope they don’t mind me quoting from it. It said:

”Most important for us foreigners is its influence on the financial requirements for residency... as an example:

Category High Income (renters) over 60...

UK passport holders: 1 x gross minimum wage (MW) income (pension) a month or 12 x MW savings, or a combination of both... Other passport holders: 3 x gross minimum wage (MW) income a month or 36 x MW savings, or a combination of both...”

My question is: is there a special category for U.K. passport holders? What about, for example, other passport holders who receive a similar regular government pension? Do they still have to have the old 3x minimum wage requirement for “high income” residents?

[benjaminbutton]

I too can't make head nor tail of it. Thankfully at least for the next five years it doesn't apply, but out of curiosity I tried to fathom it out.

[waddo]

As far as I am aware the UK passport holder "Deal" (nothing to do with Trump) is for and only for UK passport holders! I have never seen an explanation as to why it is only for UK passport holders and can only assume - dangerous to do that - that it is because the UK is one of the guarantor powers, along with Türkiye and Greece! I have no way to confirm my assumption but it makes sense to me as citizens from Türkiye do not need residency and those from Greece would not even contemplate it.

By the way, just in case you missed it, the five years that BJB refers to is not available for renters - it is home owners only!! Another great inconsistency which the Government promised it would change some long time ago - even to the point of putting into law but not yet passing it and then televising their intent as well. I wait, with not so much hope, as until all home owners are sorted and the digital system comes fully on line, renters as simply forgotten.

[techtrader]

And still they want more.....

"The Turkish Cypriot Workers' Unions Federation (TÜRK-SEN) announced that it will object to the determined minimum wage."

[Mowgli597]

Thank goodness we used our U.K. passports for residency so

We’ll keep the EU one for going down to the dark side

[Dave G]

Tachtrader, that's because the government are paying themselves and all of their staff 21% but the low wage earners and pensioners who need it most only 18%

[Reyntj]

A couple of bits i read related today

https://www.kibrispostasi.com/c50-EKONO ... 00-sterlin

Mpshere earn more than the uk and here its 8 x min wage..

https://www.kibrispostasi.com/c50-EKONO ... ri-dusmeli

& Meat prices to reach 1500 tl...



Then the unions say salary increases are not inflationary..

[Brazen]

I’m not sure if this shouldn’t go under a different topic heading such as one dealing with residency so, Mods, please feel free to move.

I received an email from the TFR yesterday which talked about the new minimum wage and I hope they don’t mind me quoting from it. It said:

”Most important for us foreigners is its influence on the financial requirements for residency... as an example:

Category High Income (renters) over 60...

UK passport holders: 1 x gross minimum wage (MW) income (pension) a month or 12 x MW savings, or a combination of both... Other passport holders: 3 x gross minimum wage (MW) income a month or 36 x MW savings, or a combination of both...”

My question is: is there a special category for U.K. passport holders? What about, for example, other passport holders who receive a similar regular government pension? Do they still have to have the old 3x minimum wage requirement for “high income” residents?

I believe that this was given to uk expats because the Uk is a guarantor power.

[techtrader]

A couple of bits i read related today

https://www.kibrispostasi.com/c50-EKONO ... 00-sterlin

Mpshere earn more than the uk and here its 8 x min wage..

Not sure why they use Median wage for the UK but yes it is still bad, very bad!!

[EnjoyingTheSun]

Apparently from December restaurants will pay 20% tax on all sales. Previously it was 5% on food & 15% on alcohol.
Should be the final nail in the coffin of a fair few restaurants. It will have to be passed onto customers & can only lower demand.

[snd1966]

Apparently from December restaurants will pay 20% tax on all sales. Previously it was 5% on food & 15% on alcohol.
Should be the final nail in the coffin of a fair few restaurants. It will have to be passed onto customers & can only lower demand.

If this is true, with so many paying by card now a days definitely a final nail in the coffin. I personally do not like the thought of systems knowing what I spend my money on
Another few years and I'll be told you go out for too many coffees
Especially as there are so few tax payers on a very small island and legal. The bigger picture has to be looked at.
I understand the 5 year exemption but why free when this is the person's home, I think most people just want to stop jumping through hoops, click pay renew, a majority would not mind, this is their home and I can stay. Swallows, I also think they would not mind contributing but on a lower scale, a worry I may be given 30 or 90 days. Yes systems are in place but most swallows are in the elderly group.

[benjaminbutton]

Getting concerned about cost of living here, as we are now spending mega bucks on private hospitals and sundry pills, potions, dressings, and tests. Our UK income is no way covering what we need on a Monthly basis now , particularly as I haven't put cost of utilities, running a car and insurance into the mix yet.

[EnjoyingTheSun]

Getting concerned about cost of living here, as we are now spending mega bucks on private hospitals and sundry pills, potions, dressings, and tests. Our UK income is no way covering what we need on a Monthly basis now , particularly as I haven't put cost of utilities, running a car and insurance into the mix yet.

Unless you have a fair bit of fat in your income v expenditure it can only get grimmer. If you are reliant on a fairly fixed private pension &/or a state pension which increases by the U.K. inflation rate then our 4-5% rises aren’t going to keep pace with 40-50% rises.