Ulaanbaatar
Government Raises Pensions by MNT 100,000
Society
Ulaanbaatar, March 21, 2024 /MONTSAME/. On March 20, 2024, during a regular session of the
Cabinet, the Government issued a resolution to increase
the pensions provided by the Social Insurance Fund and military pension by MNT 100,000.
Following
this adjustment, the minimum threshold for both full old age pension and
military pension will be MNT 650,000. The minimum amount for a proportional
pension will also rise to MNT 540,000. This resolution is set to take effect on
the first day of next month.
The Government
raised all types of pensions provided by the Social Insurance Fund in 2018,
2019, 2020, 2022, and 2023, conforming with the changes in the cost of living.
As a result of these actions, the average pension has reached MNT 685.6
thousand, representing a twofold increase compared to 2016.
According
to data released by the General Department of Social Insurance in November
2023, approximately 59 percent (288,400 individuals) out of 493,000 pensioners
in total receive the minimum amount of pension.
