A total of 120 economists reacted to the Center's statement that "a 25% minimum wage increase is sufficient" with a joint declaration.

28.10.2024 14:00

It was claimed that Central Bank President Fatih Karahan conveyed the message during his meetings with investors in Washington that a minimum wage increase of around 25% would be consistent with inflation. In a statement published with the joint signatures of approximately 120 economists reacting to Karahan's remarks, it was stated that a 25% increase in the minimum wage is concerning for workers.

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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 STATEMENT

The 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