Turkey is raising its minimum wage by 21.56% as of Jan. 1, the country’s family, labor and social services minister announced on Dec. 28. 

Net minimum wage for single people will be 2,826 Turkish liras ($377) a month, up from 2,324 Turkish liras a month ($310), Zehra Zümrüt Selçuk said.

The new gross minimum wage, before deductions such as social security premiums and income taxes, will reach to 3,578 liras ($477.3).

The rate of increase was much above the country’s annual inflation rate, the minister stressed.

Turkey‘s annual inflation stood at 14% in November while the 12-month average hike in consumer prices was 12.04%.