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It was claimed that the Central Bank President Fatih Karahan gave the message during a meeting with investors in Washington on October 23 that a minimum wage increase of around 25% would be consistent with the 2025 inflation outlook. "A 25% INCREASE IS CONCERNING"Karahan's statement drew the reaction of economists, while 120 economists evaluated the expected 25% increase in the minimum wage as concerning. Economists representing leading universities in Turkey, as well as foreign universities and institutions, called on those managing economic policy to "urgently" take steps for "considering the inflation rate in minimum wage increases and following a holistic economic policy that also takes income distribution into account" in a joint statement they published. "THIS PLAN IS SCIENTIFICALLY AND SOCIALLY CONCERNING"In the joint statement published by the economists, it was stated that the implemented monetary and fiscal policies were shaped in line with the goal of combating inflation, and it was said, "The plan to avoid a minimum wage increase in July 2024 and to determine the expected increase for January 2025 based on the expected inflation rate (25%) instead of the actual inflation is scientifically and socially concerning." The text also emphasized that the social cost of combating inflation should be distributed fairly and that protecting the purchasing power of minimum wage earners is a necessity of a social state. Additionally, it was pointed out that wage increases below the actual inflation rate would further disrupt income distribution. ECONOMISTS WHO SIGNED THE STATEMENTThe economists who signed the statement are as follows: Ceyhun Elgin, Boğaziçi University Adem Yavuz Elveren, İzmir University of Economics & Fitchburg State University Cem Oyvat, University of Greenwich A. Erinç Yeldan, Kadir Has University A. Oğuz Demir, Economists Platform Ahmet Haşim Köse, Open University Ahmet Makal, Ankara University (Retired) Ahmet Yılmaz, Marmara University Ali Alper Alemdar, St. Francis College Ali Rıza Güngen, McMaster University Alper Duman, İzmir University of Economics Anıl Aba, Yaşar University Arda Tunca, Independent Researcher Armağan Gezici, UWE Bristol Ata Can Bertay, Sabancı University Ayça Akarçay, Galatasaray University Ayça Tekin-Koru, TED University Aziz Çelik, Kocaeli University Aziz Konukman, Ankara Hacı Bayram Veli University Baki Demirel, Yalova University Begüm Özkaynak, Boğaziçi University Bilin Neyaptı, Bilkent University Bülent Eşiyok, Istanbul Gelisim University Burçay Erus, Boğaziçi University Çağla Ünlütürk, PAÜ Caner Özdurak, Beykoz University Cem Başlevent, Istanbul Kültür University Cem Somel, Abant İzzet Baysal University (Retired) Çiğdem Boz, Independent Researcher Değer Eryar, İzmir University of Economics E. Ahmet Tonak, University of Massachusetts Amherst & Smith College Ebru Voyvoda, METU Elif Karaçimen, Recep Tayyip Erdoğan University Emre Özçelik, METU-Cyprus Engin Kara, Cardiff University Ensar Yılmaz, Yıldız Technical University Ercan Uygur, Ankara University (Retired) Ergin Yıldızoğlu, Cumhuriyet Writer Erol Balkan, Hamilton College Erol Taymaz, METU Esra Uğurlu, Leeds University F. Ahmet Öncü, Sabancı University (Retired) Fatih Kansoy, Oxford University Fatih Özatay, TOBB ETU Ferhat Akyüz, Samsun University Fikret Adaman, Boğaziçi University Fikret Görün, METU (Retired) Filiz Eryılmaz, Bursa Uludağ University Galip Yalman METU (Retired) Gökçer Özgür, Gettysburg College Gülbiye Y. Yaşar, Ankara University Güldem Atabay, Economist/Writer Güneş Aşık, TOBB University of Economics and Technology Güney Işıkara, New York University Günseli Berik, University of Utah (Retired) Hakan Mıhcı, Hacettepe University (Retired) Haluk Levent, Istanbul Bilgi University Hasan Cömert, Trinity College-Hartford Hasan Murat Ertuğrul, Anadolu University Hasan Tekgüç, Kadir Has University Hayri Kozanoğlu, Altınbaş University Hüseyin Özel, Hacettepe University İbrahim Semih Akçomak, METU İlhan Döğüş, University of Europe for Applied Sciences İnsan Tunalı, Koç University (Retired) İris Cibre, Financial Markets Specialist İsmail Ertürk, Manchester University Kamil Yılmaz, Koç University Kerem Cantekin, Independent Researcher Kıvanç Karaman, Boğaziçi University Korkut Boratav, Ankara University (Retired) Korkut Ertürk, University of Utah M. Aykut Attar, Hacettepe University M. Kerem Çoban, SOAS, University of London & Kadir Has University M. Murat Kubilay, International Finance Specialist M. Teoman Pamukçu, METU M. Necat Coşkun, Ankara Hacı Bayram Veli University Mehmet Şişman, Marmara University Mehmet Uğur, University of Greenwich Mehmet Uluğ, Roskilde University Murat Birdal, Istanbul University Murat Taşdemir, Istanbul Medeniyet University Mustafa Ulus, Galatasaray University Nesrin Nas, Common Life Group Oğuz Esen, İzmir University of Economics Oğuz Yıldırım, Alanya Alaaddin Keykubat University Oktar Türel, METU (Retired) Oktay Özden, Kadir Has University Ömer Faruk Çolak, Journal of Economics and Society Öner Günçavdı, Istanbul Technical University Onur Baycan, Anadolu University Onur Yeni, Hacettepe University Orhan Karaca, Independent Researcher Orkun Saka, City, University of London & LSE Özcan Ceylan, Özyeğin University Özge Özay, Fitchburg State University Özgün Biçer, Marmara University Özgür Narin, Ordu University Özgür Orhangazi, Kadir Has University Özlem Onaran, University of Greenwich Pelin Akçagün, Ondokuz Mayıs University Pınar Deniz, Marmara University Pınar Kahya, İnönü University Selin Pelek, Galatasaray University Serdal Bahçe, Ankara University Serdar Acun, Munzur University Sermin Sarıca, Istanbul University Sevil Acar, Boğaziçi University Sevinç Mıhcı, Hacettepe University Şevket Pamuk, Boğaziçi University (Retired) Sezgin Polat, Galatasaray University T. Sabri Öncü, Former Senior Economist at UNCTAD, Former Research Head at CAFRAL, RBI Tahsin Bakırtaş, Sakarya University Tansel Güçlü, Munzur University Timur Han Gür, Hacettepe University Uğur Gürses, Economics Writer Ümit Akçay, HWR Berlin Umut Üzar, Karadeniz Technical University Ünal Zenginobuz, Boğaziçi University Veysel Ulusoy, Boston College Yakup Karabacak, Akdeniz University Yalçın Karatepe, Ankara University Faculty of Political Sciences Yasemin Dildar, California State University Yiğit Atılgan, Sabancı University Zafer Tunca, Retired faculty member Ziya Öniş, Koç University
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