ANKARA, June 20 (Reuters) - Turkey raised monthly minimum wage by another 34% beginning on July 1, the government said on Tuesday, bringing it to a net 11,402 lira ($483) for the second half of the year in an effort to address soaring inflation.
"The minimum wage assessment commission completed its work with an agreement between the workers and employers," Labour Minister Vedat Isikhan said in announcing the decision.
Inflation is well above the official 5% target and touched a 24-year peak of 85.5% in October, prompting Ankara to raise the minimum wage by 100% over the course of last year.
Annual inflation dipped to 39.6% in May as the government provided natural gas free of charge, offsetting price rises in other goods.
The central bank is holding its policy-setting meeting on Thursday and is expected to start ramping up its rate from 8.5% currently.
Persons:
Vedat Isikhan, stoked, Tayyip Erdogan, Mehmet Simsek, Hafize Gaye Erkan, Huseyin Hayatsever, Daren Butler, Jonathan Spicer
Organizations:
Labour, Thomson
Locations:
ANKARA, Turkey, Ankara