Minimum wage to become 550,000 MNT in 2023
- By Enkhnaranjav Tumurbaatar -
- May 06,2022
Minister of Labor and Social Protection A.Ariunzaya said on May 4 that the minimum wage will be raised and set at 550,000 MNT on January 1, 2023.
The National Tripartite Committee on Labor and Social Partnership discussed the issue of revising the minimum wage on Wednesday. The committee has decided to heighten the minimum wage from 3,273 MNT per hour to 81 MNT per hour or 550,000 MNT per month, effective next year. This raises the current minimum wage of 420,000 MNT by 31 percent or 130,000 MNT. The minimum wage for 2024 will be set by the National Tripartite Committee on Labor and Social Partnership in the first quarter of 2023.
The minimum wage in Mongolia was increased to 320,000 MNT in 2019 and to 420,000 in 2020. The National Tripartite Committee for Labor and Social Partnership sets up a working group to make calculations and develop proposals to increase the minimum wage. The minimum wage is the minimum pay received by an employee in a simple job that does not require special skills or education.
Along with the increased minimum wage increases, the minimum monthly social insurance premium amount accelerates. For example, when the minimum wage was 320,000 MNT in 2019, the minimum monthly social insurance premium was 43,200 MNT, but in 2020, it was increased to 56,700 MNT.