Minimum wage has lost 22 republic gold coins in 18 years

In 2003, a minimum wage earner who could earn 25.4 Republic gold coins with his annual income can now earn 9.5 Republic gold coins this year. In 2005, when the minimum wage was at its most valuable against Republic gold coins, the number of Republic gold coins that could be purchased was 31.5. While the second meeting to determine the minimum wage that will be valid for 2024 was set for December 18, attention was focused on the increase that will come to the minimum wage. According to the study conducted by the DISK Research Center (DISK-AR), the minimum wage has shown a serious erosion over the years. According to the average Republic gold prices of the Central Bank of the Republic of Turkey (TCMB) dated November 20, the minimum wage has lost significant value not only against the foreign exchange but also against gold. According to the annual average Republic gold prices of the Central Bank, in 2003, 25 gold coins could be purchased with the annual amount of the minimum wage, and in 2005, 31 gold coins could be purchased. In 2003, while the annual average full gold coin was 121 liras, the minimum wage was 3,072 liras on average, and the minimum wage earner could only purchase 25.4 full gold coins. Although the Republic gold price rose to an average of 133.38 liras in 2005, 31.5 Republic gold coins could be purchased with the minimum wage's annual wage of 4,200 liras. In the following years, the minimum wage has continuously lost value against gold. The minimum wage, which fluctuates between 24 and 10 Republic gold coins in annual purchasing power, experienced its most dramatic depreciation in 2022. Although the minimum wage was increased in January and July of 2022, the number of gold coins that the minimum wage earner could purchase with his annual average income was 8.9. The minimum wage earner, who could purchase 11.8 gold coins at average prices this year, could only purchase 9.5 gold coins in November.