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Wage Rises on the Agenda, with a Number of Sectors Looking to Boost Pay

TURKEY
  • The government have extended the tax advantages on the TRY deposit scheme until the end of 2022. The tax advantage, known as the ‘stoppage tax discount’ also applies to profits from bonds and sukuk issued by banks. The stoppage tax has been cut to 5% from 10% for asset-backed securities and mortgage-backed securities until year-end.
  • Dunya reports that Page Group sees 80% of companies planning intermediate wage hikes this year, with most companies raising wages by 30-45%.
  • Late yesterday, Erdogan stated that the government will be convening a committee to decide on a mid-year increase to the minimum wage, with an announcement to be made after the President returns from the NATO Summit.
  • Elsewhere, the TOBB President sees a new TRY 150bln credit guarantee fund being prepared for this year. The TOBB see the package as contributing to Turkey’s recovery, and will meet with government ministers on Wednesday to convey the issues raised by business to government.
  • Erdogan today attends the NATO Summit in Spain, but is expected to hold a press briefing before he flies to Madrid. He will be watched for any further comments on the Swedish and Finnish applications to join NATO.
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