The Tripartite National Committee on Labor and Social Partnership decided on October 7, 2024, to raise Mongolia’s minimum wage by 20%. Effective April 1, 2025, the minimum hourly wage will be set at MNT 4,715, and the monthly minimum wage will increase from MNT 660,000 to MNT 792,000.
The decision was made based on multiple economic and social factors, including:
- The minimum standard of living
- Labor productivity in relation to the average wage
- The minimum pension provided by the Social Insurance Fund
- Economic growth and employment rates
- Inflation trends
A working group under the committee assessed these factors and determined that a 20% increase was appropriate.
The Tripartite National Committee on Labor and Social Partnership decided on October 7, 2024, to raise Mongolia’s minimum wage by 20%. Effective April 1, 2025, the minimum hourly wage will be set at MNT 4,715, and the monthly minimum wage will increase from MNT 660,000 to MNT 792,000.
The decision was made based on multiple economic and social factors, including:
- The minimum standard of living
- Labor productivity in relation to the average wage
- The minimum pension provided by the Social Insurance Fund
- Economic growth and employment rates
- Inflation trends
A working group under the committee assessed these factors and determined that a 20% increase was appropriate.