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The minimum wage, which is closely related to all employees, especially around 7 million minimum wage employees, is determined in December of this year, like every year. What will be the minimum wage that will be decided after 4 meetings in 2021? The minimum wage is currently 2 thousand 943 lire gross per month for a single worker and net of 2 thousand 324 lire 71 kuruş when taxes and deductions are reduced. AGI is Single 220.68 TL Married, the spouse does not work 264.82 TL Married, the spouse does not work, 1 child 297.92 TL.
Regarding the minimum wage of 2021 2.3.4. When will the meetings be held? The Minimum Wage Determination Committee announced the dates of the 2nd and 3rd meeting, but the date of the 4th meeting has not yet been clarified.
2nd minimum wage meeting December 15
3rd minimum wage meeting It will take place on December 22.
MINIMUM SALARY FORECAST 2021
1. FORECAST
The Central Bank revised its inflation forecast for 2020 to 12.1 percent. If an increase is made accordingly; gross 3 thousand 299 lire 10 kuruş, net 2 thousand 605 lire 98 kuruş.
2. FORECAST
If the rate of increase is 15 percent like last year, the gross minimum wage will be calculated at 3 thousand 384 lira 45 kuruş and the net minimum wage at 2 thousand 673 lira 40 kuruş.
3. FORECAST
If 3 welfare points are added to the Central Bank’s inflation forecast for 2020; The gross minimum wage will be 3 thousand 387 lira 39 kuruş, the net minimum wage will be 2 thousand 675 lira 72 kuruş.
4. FORECAST
If a 4 point wellness share applies; Gross 3 thousand 416 lire 82 kuruş, net 2. 698 lire 97 kuruş will be calculated.
5. FORECAST
If 5 social participation points are added, the minimum wage will increase a little more. In this possibility, the gross minimum wage will be 3 thousand 446 lira 25 kuruş, and the net minimum wage will be 2 thousand 722 lira 22 kuruş.
ONE MORE MINIMUM WAGE!
The automatic enrollment application, also known as automatic IPS, which allows all employees under the age of 45 to be included in the Private Pension System (BES) by their employers, began in 2017. More than 25 million employees entered into the system during these four years, with some leaving the system over the years. Today, it continues to save with its automatic PPS system running close to 6 million. Little or a lot; I will not go into the argument, but if we exclude the employees – Bağ-Kurlu – on their behalf, and considering that the total number of workers and civil servants is 18 million, we can say that approximately 33 percent of them save through IPS automatic.
The article by Noyan Doğan from Hürriyet:
Of course, the answer to the question of what my savings will be is directly related to the monthly contributions of employees to the system or the deductions that employers make from employee wages.
Employers automatically deduct 3 percent of their employees’ gross wages each month and roll them over to PPS, but some employees pay more than this rate to the system.
100 lire is deducted from salary
I just looked at the savings for the employees who are on automatic PPS this year and did a calculation. I made this calculation on minimum wage employees, since about 24 percent of those who save in the system have minimum wage.
Under normal circumstances, this year, the employee’s monthly gross salary from the minimum wage (2,943 lira) was deducted by 88.3 lira BES, but I looked at the system, usually between 100 lira and 110 liras from the employee’s wages and transferred to IPS automatic.
I will proceed with more than 100 lire. The minimum wage for an employee, who had TL 100 cut from his salary every month this year, was TL 1,200 in total at the end of the year.
As you know, the state contributes 25 percent of the monthly wage cut.
The minimum wage was 100 lire per month, the state added 25 lire, and the amount of the 12-month state contribution was 300 lire. At the end of the year, the employee’s total savings, together with his own deposits and state contribution, was 1,500 lire.
Of course, there is also the return-on-business side of using savings in interest-free and interest-free investment instruments.
I will not distinguish between interest and non-interest funds, I will calculate average returns.
SAVINGS INCREASED 44 PERCENT
This year, the average performance on automatic IPS is 15 percent; Also, the average return on funds that use 25 percent of the state contribution is about 15 percent.
Consequently, the total accumulation of a minimum wage employee in IPS at the end of this year alone reached 1,725 lire. This means that the employee’s salary was deducted from the 1,200 lire salary this year, and with the return of the contribution and state funds, the savings increased by 525 lire at the end of the year and became 1,725 lire.
To put it more clearly, 44 percent was added to the amount deducted from his salary. I looked at last year; a similar situation occurred in 2019. In fact, savings have increased even more last year, because there have been returns of more than 25 percent.
The net salary received by the minimum wage employee this year is 2,324 lire. Based on this, the savings of a minimum wage employee who stays in automatic PPS and saves money is close to a salary at the end of the year.
I’m sure now someone will say: ‘What if gold was bought for 100 lire a month or invested in interest?’ Nothing would happen. At 100 lire a month, neither gold is bought nor interest is deposited in the bank. Additionally, BES funds already include gold, interest, dividends and foreign currency.
