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Minimum wage to be MNT 660 thousand next year www.gogo.mn
In accordance with Resolution No.12, dated October 13, 2023, issued by the National Tripartite Committee on Labor and Social Consensus, the minimum wage has been changed to MNT 660,000 per month effective as of January 1, 2024.
According to the 4.2 of law on Minimum Wage, the minimum wage shall be determined or changed by taking into account of the following factors: changes in the minimum standard of living of the population, appropriate ratio of labor productivity and average salary, the minimum amount of full pension to be provided by the social insurance fund, economic growth and employment level and inflation rate.
As defined in the International Labor Organization, “The minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract, and the purpose of minimum wages is to protect workers against unduly low pay”.
According to the law on Minimum Wage of Mongolia, the Minimum wage shall mean the minimum limit of the basic hourly remuneration /wage/ that should be observed in general which was determined by the competent person in order to protect the legal interests of employees and workers /hereinafter referred to as "employees"/ who work under labor contracts, hired work contracts, and other similar contracts for simple jobs that do not require specific education or special skills.
Published Date:2023-11-17
