Business owners on Thursday filed an objection to the north’s new minimum wage, which is set to be raised to a gross figure of 34,070TL (€975) at the end of the month. As a result, the north’s ‘labour ministry’s’ objections board will be convened on Friday by ‘minister’ Sadik Gardiyanoglu.
With Friday being the last day of the month, the final decision will be published in the ‘government gazette’ on Friday evening after the end of the objections board’s meeting.
Minimum Wage Controversy
The new minimum wage was announced earlier this month following a majority decision of the minimum wage determination commission. The gross figure is now just €25 lower than the Republic’s minimum wage. The new net figure of 29,640TL (€848) is €37 lower than that of the Republic, where the gross minimum wage is €1,000 and the net minimum wage is €885.
As well as being just shy of that of the Republic, the north’s new gross minimum wage is higher than that of 13 European Union member states, including Greece. This has sparked a heated debate among business owners and policymakers alike.
Business Owners’ Objection
Cyprus Turkish Employers’ Union representative Cengiz Alp stated that he had voted against the new minimum wage at the commission’s meeting. He emphasized that business owners are “not guilty for inflation” and expressed concerns over the financial strain this increase would place on businesses already grappling with economic challenges.
The objections board’s decision on Friday will be closely watched by both employers and employees, as it will determine whether the proposed wage hike will go into effect or be revised. The outcome could have significant implications for the economic landscape in the north, influencing everything from consumer spending to business investment.
As the clock ticks down to Friday’s decision, all eyes are on the objections board and ‘minister’ Sadik Gardiyanoglu, who will play a pivotal role in shaping the future of the north’s labor market.
