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Turkish citizens are set to be offered the most comprehensive
restructuring package, allowing them to restructure various types
of debt, from water bills to insurance premiums, Trend reports citing
Turkish media.
The government tripled the minimum wage in the past year, raised
state salaries and hiked pensions for millions to ease the economic
pressure on households, driven by stubborn inflation.
Consumer prices in Türkiye have moderated over the last months
after hitting a 24-year high in October and inflation in December
decelerated at its steepest pace in more than a quarter
century.
Annual inflation fell to 64.27% last month from the 84.39%
reported in November. The decline was driven mainly by the
so-called favorable base effect and marked a second straight fall
after inflation hit a peak of 85.5% in October.
The decline is expected to become more pronounced in the first
quarter of this year and is expected to drop to as low as 40% by
mid-2023.
The minimum wage has been increased by 55% for 2023 and Recep
Tayyip Erdogan also announced a measure that would allow more than
2 million people to retire early. He said the minimum wage may be
hiked again throughout the year if necessary.
The new debt restructuring package will be the most inclusive in
the history of the republic.
The package will cover debt before Dec. 31, 2022, including tax
debt, insurance premiums, legal and administrative fines, student
housing loans, motorized vehicle tax, traffic tickets, unpaid road
tolls, customs fines and others.
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