Over 100 young Mongolians; mostly students, demonstrated yesterday (7 April) at Sukhbaatar Square, a center of Ulaanbaatar demanding authorities do their jobs better. Youths have demanded to deduct taxes by 50 percent, to increase salaries, and to develop industries and to build more jobs. Demonstrators say that they do not want to flee to foreign countries for a better salaries; but want to build a better life in Mongolia.
The peaceful demonstration is continuing today (8 April).
Inflation in Mongolia has hovered around 13 percent since January and now it topped 14.3 percent. Due to increase of fuel price and decline of Tugrik against dollar, prices of foods and other products are now soaring in Mongolia, but salaries of doctors and teachers remained same in 2019.
As for today (8 April), one US Dollar is equal to roughly 3014 Mongolian Tugrik. Since the beginning of the 2022, the cost of AI 92 gasoline has risen to MNT 2985.
The median salary is 2,070,000 MNT per month, which means that half (50%) of the population are earning less than 2 million. Reading from the salary distribution diagram, 25% of the population is earning less than 1,150,000 MNT while 75% of them are earning more than a million MNT.
While Mongolia’s tax-to-GDP ratio was 24.2% in 2019, above the Asia and Pacific (24) average of 21.0% by 3.2 percentage points. The standard combined rates for workers are 14.5% for employers and 11.5% for employees in Mongolia.