Turkey to raise minimum wage 8 pct: Labor minister

Turkey is raising its minimum wage 8 percent as of New Year's Day, to just over 1,400 Turkish liras per month ($397), the country's labor minister said Thursday.

"The minimum wage in Turkey is rising from 1,300 Turkish liras per month ($368) to 1,404 liras ($397) per month as of 2017, after reaching agreement with stakeholders," Labor Minister Mehmet Müezzinoğlu told a press conference.

The new gross minimum wage, before such deductions as social security premiums and income taxes, is 1,777 liras ($502.6).

The new wage set by the Minimum Wage Commission, made up of government officials and representatives of workers and employers, is significantly below the demand of workers' representatives.

Last year the minimum wage got a hike of nearly 30 percent to 1,300 liras ($446), in line with the ruling Justice and Development (AK) Party's campaign pledge ahead of the Nov. 1 elections to raise the wage substantially.