Mongolia is set to introduce significant legislative changes starting January 1, 2025, impacting various sectors of the economy.
The minimum wage in Mongolia will see a substantial increase from MNT 660,000 in 2024 to MNT 792,000 in 2025. This marks a continued trend of annual wage increases that began in 1995 when the minimum wage was just MNT 9,600.
New amendments to the Law on Herders aim to enhance financial accessibility for herders across the nation. These changes are expected to foster stronger partnerships between herders, banks, and factories, ultimately improving living and working conditions within herder communities. Additionally, a broader array of loan and insurance options will be introduced to better support herders.
In response to the rapidly aging population, amendments to the Law on the Elderly will also take effect next year. As projections indicate that the ratio of elderly individuals in the workforce will shift from 1 in 10 in 2010 to 1 in 4 by 2040, these legal updates aim to promote the continued employment of seniors, ensuring a reliable income source for them.
Finally, changes to the personal income tax law will also be enforced, stipulating that the discount cannot exceed 1 percent of the taxable income for the given tax year.
