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Laws that will implement from January 1, 2025 www.news.mn
The following laws will be implemented from January 1, 2025 in Mongolia.
The current minimum wage in Mongolia is MNT 660,000 per month in 2024. It will be MNT 792,000 from January 1, 2025. Minimum wage of Mongolia has been increasing every year since 1995. At this time, minimum wage was MNT 9600.
According to the Amendments to Article 12 of the Law on Herders, Mongolia will improve access to financial services for herders. As a result of this, cooperation and connection between banks, factories and herders will be improved. Working and living conditions of herders in their communities will improve furthermore. It will also increase the range of loan and insurance products for herders.
Amendments to the Law on the Elderly will be implemented starting next year. Average aging of Mongolia is increasing year after year. Thus, the number of elderly people in the working-age population is expected to increase from one in 10 in 2010 to one in 4 by 2040. Therefore, it has been decided to amend the law to encourage the continued employment of the elderly in order to provide a stable source of income for the elderly.
At last, Amendments to the law on personal income tax has been made. The amount of the discount shall not exceed 1 percent of the taxable income for the tax year.
Published Date:2024-12-18
