New Laws Set to Take Effect on January 1, 2025
New Laws to be Implemented in Mongolia from January 1, 2025
Starting from January 1, 2025, Mongolia will see the implementation of new laws that aim to bring about positive changes in various sectors of the country. One of the key changes is the increase in the minimum wage, which will rise from MNT 660,000 per month in 2024 to MNT 792,000 in 2025. This move follows a trend of incremental increases in the minimum wage in Mongolia since 1995 when it was only MNT 9600.
Additionally, amendments to the Law on Herders will focus on improving access to financial services for herders. This initiative seeks to enhance cooperation and connections between banks, factories, and herders, ultimately leading to better working and living conditions for herders in their communities. The changes are also expected to expand the range of loan and insurance products available to herders.
The Law on the Elderly will also undergo amendments in the coming year to address the growing aging population in Mongolia. With the proportion of elderly people in the working-age population projected to increase significantly by 2040, the amended law will encourage the continued employment of the elderly to provide them with a stable source of income.
Furthermore, amendments to the law on personal income tax have been made, limiting the amount of discount to not exceed 1 percent of the taxable income for the tax year.
These new laws and amendments highlight Mongolia’s commitment to improving the welfare and livelihoods of its citizens across different age groups and segments of society. By implementing these changes, the government aims to create a more inclusive and sustainable future for all Mongolians.
