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Mongolia|politics|March 21, 2024 / 03:47 PM
Government of Mongolia increases pensions by 100,000 tugriks

AKIPRESS.COM - The government of Mongolia issued a resolution to increase the pensions provided by the Social Insurance Fund and military pension by 100,000 tugriks during a regular session of the Cabinet on March 20, Montsame reported.

The minimum threshold for both full old age pension and military pension will be 650,000 tugriks. The minimum amount for a proportional pension will also rise to 540,000 tugriks. 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. The average pension has reached 685,600 tugriks, representing a twofold increase compared to 2016.

According to data released by the General Department of Social Insurance in November 2023, approximately 59% (288,400 individuals) out of 493,000 pensioners in total receive the minimum amount of pension.

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