Minister of Labor and Social Security: Citizens to Access 2% of Social Security Contributions for Government Mortgage Program
Minister Bulgantuya of Labor and Social Security revealed a transformative step towards accessible housing solutions for citizens. Effective January 1st, 2024, a portion equivalent to 2% of the social security contributions made by citizens will be earmarked for the National Housing Committee. This money will serve as a downpayment to help individuals secure their first home, rent accommodation, or provide housing for government workers. Over three years, the fund aims to collect 1.5 trillion MNT, with 400 billion MNT set aside for 2024. It's a big step toward making housing more accessible for everyone.