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Minister of Finance submitted revised law on budget to the State Great Khural.
Cut on student stipends
The Government plans to stop granting monthly stipends of MNT 70,000 to the students. This will save MNT 11.7 billion in 2016 and MNT 33.7 billion annually.
Student stipends of Vocational Training Centers will be stopped temporarily. Savings come up to MNT 9.6 billion in 2016 and MNT 19.8 billion annually.
The Government will fund 50 percent of public transportation fee of students and the remaining costs will be charged by the students.
Overseas scholarships will be stopped
The Government will stop giving overseas scholarships to Mongolian students during 2016-2019 academic year. In scope of overseas scholarships program, total of MNT 33.1 billion was approved for the 2016 Budget.
The retirement age of the herders will be lowered by five
The retirement age of the herders will be lowered by five starting 2018 in order to provide retirement income security to herders and reduce the future costs of social security fund. Only 9.1 percent out of 261.7 thousand working-age herders are participated in voluntary pension insurance due to its premium costs high.
Salary of MNT 2.7-3.3 million for judges will be slashed
Current judge salaries is higher than average public servant`s salaries which require the same qualifications. Therefore, the Government plans to change the legal framework for salaries of 519 judges. This will save MNT 3.2 billion in 2016 and MNT 7.7 annually.
60 percent of the children to receive children benefit
In the first six months of 2016, monthly children benefit of MNT 20,000 was granted to the children involved in living standards survey.
Chilren aged up to 18 year old who are registered in 1-10th groups of living have the right to receive the children’s benefits in the remaining months. Children benefits have planned to be compensated to the remaining 40 percent by 2019.
State Great Khural to discuss the revised budget law on Aug 25 at 10AM.
Minister of Finance submitted revised law on budget to the State Great Khural.
Cut on student stipends
The Government plans to stop granting monthly stipends of MNT 70,000 to the students. This will save MNT 11.7 billion in 2016 and MNT 33.7 billion annually.
Student stipends of Vocational Training Centers will be stopped temporarily. Savings come up to MNT 9.6 billion in 2016 and MNT 19.8 billion annually.
The Government will fund 50 percent of public transportation fee of students and the remaining costs will be charged by the students.
Overseas scholarships will be stopped
The Government will stop giving overseas scholarships to Mongolian students during 2016-2019 academic year. In scope of overseas scholarships program, total of MNT 33.1 billion was approved for the 2016 Budget.
The retirement age of the herders will be lowered by five
The retirement age of the herders will be lowered by five starting 2018 in order to provide retirement income security to herders and reduce the future costs of social security fund. Only 9.1 percent out of 261.7 thousand working-age herders are participated in voluntary pension insurance due to its premium costs high.
Salary of MNT 2.7-3.3 million for judges will be slashed
Current judge salaries is higher than average public servant`s salaries which require the same qualifications. Therefore, the Government plans to change the legal framework for salaries of 519 judges. This will save MNT 3.2 billion in 2016 and MNT 7.7 annually.
60 percent of the children to receive children benefit
In the first six months of 2016, monthly children benefit of MNT 20,000 was granted to the children involved in living standards survey.
Chilren aged up to 18 year old who are registered in 1-10th groups of living have the right to receive the children’s benefits in the remaining months. Children benefits have planned to be compensated to the remaining 40 percent by 2019.
State Great Khural to discuss the revised budget law on Aug 25 at 10AM.