Turkish conglomerate’s Koç complains of income inequality

Turkish conglomerate’s Koç complains of income inequality

ANTALYA – Doğan News Agency
Turkish conglomerate’s Koç complains of income inequality

AA Photo

Ali Koç, the coordinator in the Group of 20 offshoot B-20’s employment mission, has said global income distribution is rapidly worsening, as Turkey’s Labor Minister said Turkey has been doing well in the fight against poverty.

“Global income inequality is getting worse every day, as we are in a period where the rich get richer and the poor get poorer, while the middle class gets weaker,” said Koç, also a board member of Koç Holding, one of the largest conglomerates of Turkey, while speaking at a G-20-OECD (Organization for Economic Co-operation and Development) event on qualified labor and training in the coastal province of Antalya.

This causes a fall in real wages and an increase in unemployment, especially among the youth, he added.

“This trend brings together social problems and triggers tensions. We can witness this every day,” he said.

The G-20 prioritizes young people in its efforts, as youth unemployment triples the rate for overall adult employment, the businessman said.

The recent economic crisis has deepened the problem, making unemployment a global issue, he said,
“As a father to a six and an eight-year-old, I feel concerned when I think of the situation. I think this works for you all,” he said.

However, Labor Minister Faruk Çelik remains hopeful when it comes to Turkey.

“I would like to share only one figure with you,” he said at the same event, before mentioning how the rate of citizens who live on less than four dollars per day has decreased to 2 percent from its high of 30 percent. Turkey is among the countries where wages are increasing rapidly, the minister said, citing International Labor Organization (ILO) reports. 

Turkey created 5 million jobs in the last five years, “However, things getting better in one country does not solve the problem,” Çelik said, calling for a global boost.