TÜRKIYE MINIMUM WAGE HIKE SPARKS TEXTILE COMPETITIVENESS CONCERNS
February 18th, 2024
Türkiye raised its minimum wage by 49% from January 1 (2024) in a bid to tame the impact of the country’s punishing inflation rates, impacting the textile and garment industry’s global competitiveness. However, but the sector is hopeful that investment in automation, adopting eco-friendly schemes and recycled textiles will drive business.
This rise to net pay of Turkish Lira TRY17,002 (USD553), was up 50% on the net TRY11,402 (USD371.46) from July 1 (2023).
The news came as a surprise to the industry. “I was expecting a 35% increase, but 49% is good, ...
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