Monthly net minimum wage in Turkey 2005-2024
The monthly net minimum wage in Turkey doubled in 2024 compared to the amount in 2023, reaching 17,000 Turkish lira. This equaled approximately 490 euros according to the exchange rate on April 29, 2024.
Labor market dynamics: increasing participation rate
The increase in Turkey's monthly net minimum wage aligns with the country's labor force participation rate, which reached a peak of 58.31% in 2022. Furthermore, in 2023, the country experienced a notable decrease in the youth unemployment rate, recording one of the lowest figures in the past twenty years. This surge in labor participation and youth employment indicates a growing pool of economically active individuals, potentially influenced by the substantial rise in the minimum wage.
Shifts in sectoral employment
Turkey underwent a significant transformation in sectoral employment over the last decade. From 2014 to 2023, both the agricultural and the construction sector experienced a constant decline in employment figures. Meanwhile, the service sector reached a peak level of employment as of 2023. That year, the service sector occupied the highest share of total employment, accounting for nearly 58 percent. This reflects the ongoing structural changes in the Turkish economy, where the service sector has emerged as the largest employer.
