Economic stimulus package to limit COVID-19 impact to be submitted to ParliamentEconomy
Ulaanbaatar /MONTSAME/. On April 1, at its regular meeting, the Cabinet held a discussion on a draft parliamentary resolution and accompanying bills on a package of measures to protect the health and income of people, preserve employment and stimulate the economy. The package contains 14 measures in four areas, as introduced by Prime Minister U.Khurelsukh on last Friday.
All entities and companies, excluding state and local government entities, are exempt from social insurance contributions paid for pension insurance, benefit insurance and industrial accident and occupational disease insurance of their employees, who are Mongolian nationals. The decision takes effect from April 1, 2020 until October 1, 2020 and the insured will be automatically considered to have paid for social insurance contribution during this period.
Social insurance contributions can also be paid on a voluntary basis and the six-month exemption also applies to self-employed people.
Each insured employee of entities, which are forced to close down through no fault of their own, however, still keeping the employees on payrolls, will be paid by the government monthly incentive of MNT 200,000 for 3 months from April 1.
The cabinet members agreed that the bills should be submitted to the Speaker for parliamentary discussion in an urgent manner.