Newsletter on the Change of Minimum Wage and the New Severance Pay Cap
- Minimum Wage:
The Decision of the Minimum Wage Determination Commission (“Decision”) was published by the Ministry of Labor and Social Security in the Repetitive Official Gazette dated 01.07.2022.
Within the scope of the decision, the minimum wage for one day of normal work for all kinds of employees working with an employment contract throughout the country, regardless of whether covered by the Labor Law, was determined as TRY 215,70 between 01.07.2022 and 31.12.2022.
In this respect, the monthly minimum wage will be applied as gross TRY 6,471.00 (net TRY 5,500.00) between 01.07.2022 and 31.12.2022.
- Severance Payment Cap:
With the Circular (Circular No: 9) published by the Ministry of Treasury and Finance on their official website on 04.07.2022, the cap for the severance pay to be paid to employees as of 01.07.2022 has been determined.
Within the scope of the circular, the severance pay cap amount to be applicable between 01.07.2022 and 31.12.2022 has been determined as TRY 15.371,40.