Core Facts
- Population: 80M
- GDP: USD 718 billion
- GDP per head: USD 11,523
- Workforce: 27M
- Unemployment (2017): 12.6%
- Average high monthly wages (2017): USD 424
Regulatory
- Government debt: 28.3% of GDP
- Personal income tax: 35%
- Corporation tax: 20%
- World corruption ranking 2016: 75th Transparency International
- Ease of doing business ranking: 69th Business Freedom Index
- Labour law: ILO Conventions ratified
- Data protection: Not recognised by EU as having adequate protection
With a sizeable population, low cost base and a growing economy, Turkey is a jurisdiction with which the global business is increasingly coming into contact. Turkish law, and especially the labour courts, generally favours employees. Employees are usually eligible for statutory overtime at 50% above their hourly rate for every hour worked above 45 hours per week, while those with over 15 years’ service qualify for at least 26 days’ paid holiday per year, and sometimes more.
Termination of employment can be fraught with challenges and procedural hurdles and employers in Turkey should beware the risk of dismissed employees being re-instated.
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