Latest Headlines

TRNC 2013 Budget announced – public sector workers to benefit

1 November 2012

The Council of Ministers met yesterday with the Prime Minister to set the budget for next year. This will be put forward ratification by Parliament. The total of some TL 3.5 billion is up 10% on the 2012 figure and will cover public sector salaries and pensions as well as other government expenditures.

After the meeting, the Finance Minister, Ersin Tatar held a press briefing. He stated that the budget deficit was reduced from last year and that there would be a TL1 billion contribution from Turkey. It is anticipated that locally generated revenues will cover TL2.4 billion with the remainder being met by the contribution from Ankara.

The budget assumes an estimated 4% increase in the cost of living and proposes a plan for a minimum salary pay rise of TL100 followed by another TL100 rise at the year end. These fixed increases are aimed at raising the relative income of the lower waged.

By