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Zehra Zümrüt Selçuk, Minister of Family, Labor and Social Services, made a statement yesterday on the highly anticipated figure of the minimum wage for 2021. Minister Selçuk said: “I wish that the minimum wage is determined with the consensus of all parties this year “. So what will the minimum wage be in 2021?
The minimum wage that will be applied in 2021 will be determined in the meetings to be held next month. Employer, employer and public sector will attend the meetings. The Minimum Wage Commission, which includes 5 people from each of the three sections, will determine the minimum wage which is close to 81 million and will announce it at the end of the month.
The minimum wage, which directly affects nearly 7 million employees and affects 81 million income and pay, is also used in many calculations. Currently, the minimum wage is applied as 2 thousand 324 net lira, 709 kuruş and 2 thousand 943 gross lira.
The minimum wage actually means ‘there is no lower wage than this’. That’s why it’s not called ‘paying for it’. But in our country it is perceived as if the worker was paid. Our minimum wage system not only determines the minimum wage that can be given to the employee. It also affects dozens of wages and payments.
In particular, income such as the Minimum Life Subsidy, unemployment subsidy and care subsidy are increased, in addition to the salaries of employees. The new figures also apply to payments like general health insurance and military birth loans. All payments are determined in accordance with the gross minimum wage. Additionally, there is an increase in employee compensation compared to the new minimum wage.
WHAT WILL CHANGE?
Some changes that will occur with the redetermination of the minimum wage are: 1- The wage of the unemployed will increase in the same proportion. 2- The minimum subsistence allowance received by employees will also increase. 3- There will be an increase in the amount to be paid by those who request to render military and maternity service for retirement.
4- The disability benefit will be increased. 5- Old age, home care, disability wages will also increase in January. 6- The money given by Bağ-Kur members who pay their own premiums and those who make optional payments will increase. The premiums to be paid by day laborers will be increased.
THE MINIMUM SALARY 2021 WILL BE HOW MUCH LIRA
Now everyone is wondering how much the new minimum wage will be. We can calculate this for this year as we did in recent years.
When we look at our previous calculations, it turns out that we find figures very close to the announced minimum wage. We will also make an account for you this year. In fact, when we look at the minimum wage increases made so far, it is possible to estimate a ballpark figure. Considering the increases of the last 10 years, all the increases, except the 30 percent increase in 2016, were 2-5 points above the inflation of the previous year.
WHAT HAPPENED LAST YEAR?
We did a similar calculation last year. Last year, the NEP’s inflation target was around 11 percent. At the end of 2019, inflation was realized at 11.84 percent in line with this. In line with this expectation, we forecast that the increase could be 3 percentage points above inflation, that is, around 15 percent, as in previous years, and the minimum wage would be between 2,300 and 2,400 liras. According to our estimates, an increase of 15.03 percent was made and the net minimum wage was announced at 2,324 lira and 70 kuruş.
WHAT HAPPENS IN 2021?
If the standard in minimum wage increases continues until today, an increase of 3 or 5 points above inflation may also occur for this year.
When we look at the New Economy Program, inflation is estimated to be 10.5 percent by the end of this year. The Central Bank revised its year-end inflation expectation to 12.1 percent at its last meeting.
We must not forget that we are in a pandemic period this year.
HERE IS THE ESTIMATE OF THE MINIMUM WAGE FOR 2021
Considering both objectives, when we calculate that inflation will increase 3-5 points above this year, we forecast that the gross minimum wage for 2021 will be around 3,400 TL. We calculate that the net minimum wage will be between 2,650 lire and 2,800 lire.
Of course, these calculations were made taking into account increases from previous years and inflation targets.
The actual figures can be obtained with a very different result than the one obtained from the negotiation.
SOURCE: MORNING
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