Ulaanbaatar
Unified Accumulation Fund to resolve social protection services comprehensively
Politics
Ulaanbaatar/MONTSAME/. On August 26, a National Committee
responsible for increasing housing for citizens, establishing a Unified Accumulation
Fund and the National Sovereign Wealth Fund, as well as expanding the middle
class held its first meeting.
The committee is chaired by Prime Minister L. Oyun-Erdene.
Minister of Finance by B. Javkhlan and Deputy Minister of Mining and Heavy
Industry O.Batnairamdal work as deputy chair and secretary of the committee.
During the meeting, the bills on the National Sovereign Wealth
Fund, the Social Insurance and the Unified Accumulation Fund were heard. Also, Minister
of Construction and Urban Development B. Munkhbaatar introduced the ‘Youth 1’
apartment district.
Minister of Labor and Social Welfare A. Ariunzaya said that
the bill on Unified Accumulation Fund was drafted for the purpose of gradual
transition to a system of providing all citizens with comprehensive education,
healthcare, pensions, housing, and social security through the Fund. It is
deemed that the establishment of this fund will increase permanent jobs, ensure
equal access to natural resources for all citizens, increase the middle class,
and build accumulation fund scheme.
The amendments to the package law on Social Insurance include
the introduction of a multi-tier pension system, the placement of fund in the accumulation
fund, the increase of the middle class by raising the pensions, the
digitalization of all social insurance services as well as others. The bill
also includes the improvement of investment management of the social insurance
fund.
Thanks to the government's housing policy, as of August 19,
8,289 people have received mortgage loans. The number of borrowers was 5,549
last year, 4,815 in 2019 and 3,909 in 2018.
After hearing the presentations, Prime Minister
L.Oyun-Erdene assigned the Minister of Finance B.Javkhlan to make an integrated
presentation next Tuesday on the policy to increase housing, create a Unified Accumulation
Fund, a National Sovereign Wealth Fund, and expand the middle class.
The PM also instructed to establish a sub-working group of
12-15 people consisting of the private sector, as part of the policy to
increase citizens’ housing.
