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Minister of Labor and Social Safety A.Ariunzaya stated on Might 4 that the minimal wage shall be raised and set at 550,000 MNT on January 1, 2023.
The Nationwide Tripartite Committee on Labor and Social Partnership mentioned the problem of revising the minimal wage on Wednesday. The committee has determined to intensify the minimal wage from 3,273 MNT per hour to 81 MNT per hour or 550,000 MNT per 30 days, efficient subsequent 12 months. This raises the present minimal wage of 420,000 MNT by 31 p.c or 130,000 MNT. The minimal wage for 2024 shall be set by the Nationwide Tripartite Committee on Labor and Social Partnership within the first quarter of 2023.
The minimal wage in Mongolia was elevated to 320,000 MNT in 2019 and to 420,000 in 2020. The Nationwide Tripartite Committee for Labor and Social Partnership units up a working group to make calculations and develop proposals to extend the minimal wage. The minimal wage is the minimal pay obtained by an worker in a easy job that doesn’t require particular abilities or training.
Together with the elevated minimal wage will increase, the minimal month-to-month social insurance coverage premium quantity accelerates. For instance, when the minimal wage was 320,000 MNT in 2019, the minimal month-to-month social insurance coverage premium was 43,200 MNT, however in 2020, it was elevated to 56,700 MNT.
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