Interim period increase to minimum wage
The Minimum Wage Determination Commission (« Commission« ) has decided to change the determined minimum wage for 2022 before the set timeframe, to compensate for employee income losses.
In accordance with the Commission’s decision no. 2022/1 dated 1 July 2022 and published in Official Gazette no. 31883 (repeated) dated 1 July 2022, the minimum wage has been increased.
You will find below the minimum wage and insurance premium updates by the Commission, applicable from 1 July to 31 December 2022.
GROSS AMOUNT OF DAILY AND MONTHLY MINIMUM WAGE |
|
Daily gross minimum wage |
Monthly gross minimum wage |
TRY 215.70 |
TRY 6,471 |
LEGAL DEDUCTIONS ON MINIMUM WAGE |
|
Gross Wage |
TRY 6,471 |
Employee Share of Insurance Premium (%14) |
TRY 905.94 |
Employee Contribution to Unemployment Insurance (%1) |
TRY 64.71 |
Income Tax and Stamp Duty |
TRY 0 |
Net Minimum Wage |
TRY 5,500.35 |
MINIMUM WAGE TOTAL COST FOR EMPLOYER |
|
Minimum Wage |
TRY 6,741 |
Employer Share of Insurance Premium (20.5%) |
TRY 1,326.56 |
Employer SSI Incentive (5%) |
TRY (-323.55) |
Employer Unemployment Insurance Fund (2%) |
TRY 129.42 |
Total Cost for Employer |
TRY 7,603.43 |
MAXIMUM AND MINIMUM INSURANCE PREMIUM FEES |
|
Maximum Fee |
Minimum Fee |
TRY 48,532.50 |
TRY 6,471 |