General Law on Social Insurance to take effect from January 1, 2024

Mongolia • No. 3/2023 • October 2023

In brief

On July 7, 2023, the Parliament of Mongolia passed the General Law on Social Insurance (“GLSI”) which will replace the existing Law on Social Insurance (1994) effective from January 1, 2024. The law aims to improve management and structure of the pension and social insurance system as well as regulate late payments and resubmission of reports etc. 

Key changes for businesses

• Social insurance contribution rate
  
• Scope of mandatory social insurance
• Reassessed payment for non-reported or under-reported social insurance contribution
• Resubmission of social insurance contribution report
• Mandatory contribution and reporting obligation
• Limitation period
• Dispute resolution committee
• Newly added infringements