Rivermate is a global employment solutions company that provides Employer of Record services in Turkey.As an employer of record, we help you hire employees and run payroll services in Turkey, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Turkey.It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.If you wish to hire a remote team in Turkey or individually hire remote employees in Turkey, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.Send us a message so we can talk about how Rivermate’s Employer of Record Turkey services can best help your company!
According to nominal GDP, Turkey is the world's 20th largest economy (Gross Domestic Product). The service sector dominates the Turkish economy, accounting for 60.7% of total output, followed by the industrial sector (32.3%) and the agricultural sector (33.3%).
Turkey's cost of living is $428, which is 2.18 times less expensive than the global average. Turkey ranked 187th out of 197 countries in terms of cost of living and 66th in terms of quality of life.In Turkey, the average after-tax salary is $315, which is enough to cover living expenses for 0.7 months.
Although living expenses in Turkey are high, they are still extremely low in comparison to the United States and the United Kingdom. The costs are largely determined by the city in question. When it comes to expats, Istanbul is a top choice. However, it is not the most affordable city in Turkey. Nonetheless, it is the most important due to its affluent lifestyle, amenities, and cultural vibes. If you are on a tight budget, Izmir and Ankara are some of the more affordable options.The cost of renting a house in Turkey can vary depending on factors such as location and size. A one-bedroom apartment may cost approximately $240, while a three-bedroom apartment may cost approximately $427. The cost of a house rises as the amenities and lifestyle improve.
The agricultural sector accounts for roughly 10% of total exports in the country. The country is known for producing many exotic vegetables and fruits due to its rich topography and fertile soil, including hazelnuts, cherries, figs, olives, lemons, grapefruits, and almonds. Turkish fisheries contribute significantly to the agricultural sector.The tourism industry is one of Turkey's fastest growing industries. The country has been ranked as the sixth most popular tourist destination due to its exotic locations, scenery, warm beaches, luxury hotels, and culinary excellence. Despite recent terrorist attacks and internal domestic disputes, the industry is expected to rebound in 2020. The government is willing to invest more in this sector because it is a thriving industry with potential for future growth.Turkey's manufacturing sector is diverse and produces a wide range of goods. Manufacturing, which includes everything from steel to textiles, locomotives, and electronic goods, is one of the country's most profitable industries. It is a major manufacturer of televisions and home appliances. Textile manufacturing is the largest contributor to this sector, bringing in millions of dollars each year.
Turkey is an expensive destination, and hiring costs have recently risen due to an increase in labor costs in 2021. The labor cost has risen from 221.93 points to 256.18 points in 2022. Hiring costs vary depending on a variety of factors, and businesses considering hiring candidates remotely or on-site should keep these in mind:- Relocation expenses- Recruiting event costs- Recruitment software fees- Advertising expenses- Referral incentives- Transportation expenses
Turkey is a member of the International Labor Organization, and it has appropriate laws and acts that protect employees' rights, provided the working relationship is based on an employment contract.- The Labor Act No. 4857 issued by the executive branch regulates employment contracts, workplace practices, and internal company regulations.- Some mandatory provisions are-- The minimum wage cannot be belowUS $325 (2,850.50 TRY).- The overtime working hours are limited to 270 hours per year.- Minimum 24 hours of rest period shall be given to employees in a week.- The minimum age of employment is 18 years old (without any limitation).- The laws grant proper maternity and pregnancy leaves to female candidates.- The Collective Bargaining Agreements allow the employees to form trade unions and negotiate disputes.
Istanbul is Turkey's largest city and is known as the country's cultural, economic, and historical center. Manufacturing, tourism, and entertainment are all important industries in this city. The average annual salary in this area is $49.549 USD.Izmir is the country's third most populous city and a metropolitan city. Izmir's main industries are sports, media, and health and education. The average annual salary in this area is $22,000 USD.Ankara is Turkey's capital and the country's second-largest city after Istanbul. Tourism, exports, and aerospace are the main industries. The average annual salary in this area is $37,800 USD.
The industry and service sectors are increasingly driving the economy. Textiles, clothing, steel - iron, consumer electronics, locomotives, and wagons are some of the major economic sectors that have contributed to Turkey's GDP, which has been pegged at US $2.7 trillion in terms of PPP, ranking it 11th in the world with a per capita income of $32,278. The newly digitized economy has also paved the way for new opportunities in the telecommunications industry. The decision to liberalize telecommunications is one of the primary reasons for Turkey's success in the sector. Due to the country's free and open market, expats looking to relocate or work remotely will find a plethora of lucrative growth opportunities. It has the world's 20th largest nominal GDP and a per capita income of US $9,327.
Several industries dominate the Turkish market, ranging from textiles to manufacturing. Global corporations looking to expand their operations in Turkey will find a plethora of lucrative and emerging industries in which to invest and outsource their services. Its luxury market has increased by nearly 37%, generating an estimated $3 billion in revenue last year. The market also benefits from its trade with the United States, both export and import.
Turkey sets a national minimum wage of 440.29 EUR per month.
