Ulaanbaatar
Draft Law on Private Supplementary Pensions to Be Submitted
Politics
Ulaanbaatar, June 4, 2025 /MONTSAME/. During its regular session on June 4, 2025, the Cabinet of Mongolia discussed the draft Law on Private Supplementary Pensions and decided to submit it to the State Great Khural (Parliament) of Mongolia.
The draft Law is designed to regulate the implementation of
private supplementary pension programs, the accumulation of
supplementary pension funds, investment of pension funds, provision of private
supplementary pensions, inheritance of pensions, the creation of databases, monitoring, and the protection of stakeholders' rights and
interests.
The adoption of the Law on Private
Supplementary Pensions would create a legal environment regulating the private
supplementary pension operations in Mongolia, increase stable employment, allow
members to allocate a certain percentage of their savings to health, education,
and mortgages, support financial and capital market activities, and provide
senior citizens with the possibility to receive pensions from multiple sources
and inherit pensions.
Mongolia's long- and medium-term development policies and
programs reflects the goal of supporting private sector participation in the pension
system in the form of voluntary supplementary insurance, creating conditions
for senior citizens to have multiple sources of retirement income, encouraging
insured persons to work for more years and pay social security contributions, and
reforming the social insurance system. The draft Law is being submitted to implement these goals.
