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the sharp fall in the lira over the past month has fed through quickly into price pressures and will keep the focus of the central bank on tightening monetary conditions.”
4.3.2 Corporate profits dynamics 4.4 Labour and income
4.4.1 Labour market, unemployment dynamics
London-listed DP Eurasia, the Domino’s Pizza brand operator in Turkey and Russia, on September 8 recorded a 74% slump in first-half core profit.
Turkey has extended its layoff ban by two months until mid-November, according to a presidential decision in the Official Gazette on September 4.
The layoff ban was first imposed in April for three months. Erdogan has the executive authority to extend it until July 2021.
On August 31, Turkey extended its short labour pay benefit by two months until the end of October.
The number of impoverished Turks could double this year to nearly 20mn, a study by Turkish economists Ayse Aylin Bayar, Oner Guncavdi and Haluk Levent predicted.
4.4.2 Income dynamics
The poverty threshold for a four-person household stood at Turkish lira (TRY) 7,639 (7,045 in December) per month as of March while hunger threshold (minimum food expenditure for a four-person family) stood at TRY2,345 (TRY2,163 in December) and minimum cost of living for a single person was TRY2,847 (TRY2,650 in December), according to a monthly survey by the yellow labour union Turk-Is.
The monthly net minimum wage was TRY2,020 in 2019 and it was hiked to 2,324 for 2020.
Around 40% of Turkey’s labour force earns a minimum wage.
22 TURKEY Country Report October 2020 www.intellinews.com
