North Cyprus raises minimum wage to 24,000 TL net

The north Cyprus Minimum Wage Determination Commission has set the new minimum wage a 24,000TL net, the first of 2024. 

The new minimum wage is more than a 50 per cent increase on the previous figure of 15,750TL, and represents the largest Turkish Lira-value increase since the currency was revalued in 2005.

TRNC Minister of Labor and Social Security, Sadık Gardiyanoğlu on Friday, announced that the minimum wage, which will be valid as of January 1, 2024, was determined unanimously in the second meeting. 

The new minimum wage, is set at 24,000 TL (€729) monthly net and 27,587 TL gross. Gardiyanoğlu noted that the minimum wage has been determined as 159.15 TL hourly, 1273.24 TL daily and 6366.23 TL weekly.

The previous figure, 15,750TL, was worth €541 when set and is worth €478 today.

Gardiyanoğlu in a statement after the meeting, stated that he was looking for a compromise as the relevant minister and stated that he said on every platform that the minimum wage table should be a table of unity and integrity, not a fight.

He said the Council of Ministers made a decision about 3 weeks ago to determine the minimum wage every 4 months and 3 times a year.

Gardiyanoğlu said that these will be the main points regarding the methods of determining the minimum wage. 

Until now, the minimum wage in TRNC has been 18,103 TL monthly gross and 15,750 TL net since July 1, 2023.