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Minimum wage of MNT 660 thousand effective www.gogo.mn
According to Resolution No.12 dated October 13, 2023 of the tripartite National Committee for Labor and Social Partnership, the minimum wage of Mongolia was increased by 20% and became MNT 660,000. The decision is effective starting from January 1, 2024.
In Mongolia, over 100,000 citizens get the salary of above amount.
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 who work under labor contracts, hired work contracts, and other similar contracts for simple jobs that do not require specific education or special skills.
4.2.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;
Inflation rate;
Published Date:2024-01-06
