Turkish government raises inflation forecasts, leaving employees and workers with salary increases below actual inflation rates.
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Turkish authorities have raised inflation rate forecasts, making the salary increases approved by the government for employees and workers insufficient.
The approved increase reached 16 percent, while inflation is expected to exceed this rate.
This affects millions of employees and retirees who will experience a real decline in their income.
Turkey raised inflation expectations from 16% to 26%, but salary increases remained calculated on a lower rate, meaning real income losses for millions of employees and retirees. The government has not yet announced additional compensation despite growing public pressure.
If you are an employee or retiree in Turkey, your salary that seemed adequate weeks ago has now weakened by roughly 10% in real value against prices. Your purchasing power is eroding daily, and the government's decision in the coming days will determine whether it will close this gap or leave you bearing the full loss.
Mehmet Yılmaz