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Social insurance premium reduced by one percent
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Parliament approved drafts of amendments to the Law on Social Insurance and the Law on Procedures for Applying Social Insurance Laws. Under the revised legislation, starting July 1, 2021, social insurance premiums paid by employees and employers will be reduced by one percentage point to 8.5 percent of an employee's salary. The voluntary social insurance premium will be lowered to 11.5 percent, down from 12.5 percent. The authors of the amendments noted that raising the social insurance premium during the COVID-19 pandemic to 9.5 percent didn't align with policy measures to mitigate the economic risks of the pandemic and needed to be revised.
The National Post /page 2/
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1,030 civil servants can now enroll in a lease-to-own apartment program
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Currently, 87.8 billion MNT in asset-backed securities have been registered by the Financial Regulatory Commission (FRC), which will allow civil servants to enroll in a lease-to-own apartment program. The FRC has granted licenses to a number of companies founded by Ulaanbaatar Mortgage Corporation to ensure sustainable economic growth and risk prevention, and to digitize state services.
The Century News /page 5/
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73 soums in 16 provinces have imposed lockdown measures
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The National Emergency Commission (NEC) reported that the provinces are seeing an alarming rate of new COVID-19 infections, and that 73 soums in 16 provinces have imposed lockdown measures. Those who want to visit these provinces need to get permission from local authorities, the NEC highlighted.
Businesses are anticipating a strict lockdown in Ulaanbaatar due to the growing number of daily cases; however, state authorities have said a lockdown won't be imposed in Ulaanbaatar.
There are 800,000 people who have been fully vaccinated and are past the 14-day waiting period for efficacy, which is about 40 percent of the target population.
Today /page A5/
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Iron ore export in the first five months of the year totaled 3.37 million tons
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Mongolia exported 3.37 million tons of iron ore in the first five months of this year, decreasing by two percent compared to the same period in 2020, reported the General Customs Administration. Iron ore accounted for 13.4 percent of total mineral product exports.
The average export price rose to 163.63 USD this month, up from 142.2 USD per ton in May, as reported by the Mineral Resources and Petroleum Authority. Mongolia's primary buyer, China, has recovered from the pandemic, and its demand for raw materials has increased with a surge in production.
According to Goldman Sachs, demand for iron ore in the West, in addition to China, is expected to grow this year. As a result, the agency raised its 2021 iron ore price forecast to 135 USD per ton. Credit Suisse has raised its price forecast by about 50 percent to 150 USD per ton, explaining that prices will rise as supply shrinks.
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