From Payroll Precision to Severance and Notice Pay: Your Complete Guide to Turkish Employment Finances.
The minimum wage effective in the new year has been announced. As of January 1, 2024, the minimum wage will be 17,002.12 Turkish Lira, a 49% increase.
The severance pay upper limit has been determined as 41,828.42 TL based on the General Communiqué on Financial and Social Rights, numbered 05, dated 05 July 2024.
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PAYROLL BASICS (2024)
Discover the latest 2024 payroll parameters in Turkey, featuring a detailed breakdown of the gross minimum wage's 49% rise to TRY 20,002.50. Our comprehensive guide ensures your payroll management is up-to-date with the newest regulations, including social security contributions and tax rates.
The Essentials of Notice Pay in Türkiye: Periods, Calculations, and Legal Context
Under Article 17 of the Turkish Labor Law, employers are mandated to provide statutory notice prior to terminating an indefinite employment contract. This legal provision serves as a safeguard for employees, protecting them from [...]
THE MEDIUM-TERM PROGRAM 2024-2026
The Presidential Decision regarding the approval of the Medium-Term Program (MTP) that includes the 3-year objectives and policies of the Turkish economy was published in the repeated issue of the Official Gazette dated September 6, 2023, with number 32301.
Understanding the Social Security System in Turkey
The social security system in Türkiye underwent a significant transformation process in 2007. As a result of this process, different social security funds were consolidated under a single institution, the Social Security Institution (SGK), [...]
Employment Incentives in Turkey
Employment incentives in Turkey serve as vital government supports provided to employers under specific conditions. These incentives are aimed at encouraging employers to hire more employees, expand their workforce, and promote the employment of [...]
DEFINITION OF WAGE AND ITS TAXATION UNDER THE TURKISH LAW
As outlined in Article 61 of Income Tax Law No. 193, wage encompasses both monetary and non-monetary benefits provided to registered employees in exchange for their services, regardless of the payment labels used, such as indemnity, allowance, cash compensation, allocation, increment, advance, remuneration, attendance fee, premium, bonus, expense reimbursement, or revenue-based percentages.
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