Mongolian
During the regular Cabinet meeting held on March 20, 2024, the Government passed a resolution to increase pensions provided by the Social Insurance Fund and military pensions by MNT 100,000.
With this adjustment, the minimum threshold for both old-age pensions and military pensions will be raised to MNT 650,000. Additionally, the minimum amount for proportional pensions will increase to MNT 540,000. This resolution will come into effect on April 1.
The Government has consistently raised all types of pensions provided by the Social Insurance Fund in 2018, 2019, 2020, 2022, and 2023, in line with changes in the cost of living. As a result of these measures, the average pension has doubled to MNT 685.6 thousand 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 a total of 493,000 pensioners receive the minimum pension amount.
Amendments Made to Regulations for Granting Child Allowances
During the Cabinet session, amendments were made to the regulations for granting child allowances.
For each child under the age of 14 living in an orphanage, the orphanage will open a bank account and deposit the child’s money. For children aged 14 and older, a current account will be opened, with 80 percent of the child’s money deposited in the bank and the remaining 20 percent managed by the child. Additionally, this account will be equipped with an electronic card.
This arrangement allows children in orphanages to utilize 20 percent of their money for personal needs such as school supplies and extracurricular activities. The practice of depositing the remaining 80 percent in the form of deposits or savings accounts will continue.
As of January 2024, a total of 924 children and young people aged up to 18 are being cared for in 29 welfare centers and orphanages operated by 20 organizations across Mongolia. Based on changes to the 2021 Child Allowance Regulations, allowances are now deposited into the child’s account following an assessment by child rights inspectors.
Sovereign Wealth Fund Law to be Presented to Parliament
At the Cabinet meeting, D. Amarbayasgalan, Chief of the Cabinet Secretariat, presented a draft law on the Sovereign Wealth Fund. Following the presentation, the Cabinet decided to submit the draft law to Parliament for consideration.
The proposed legislation aims to establish a Sovereign Wealth Fund to ensure the fair and sustainable distribution of income generated from Mongolia’s natural resources to all citizens, both present and future. The draft law outlines the fund’s revenue sources, designated purposes, asset management structure, and regulatory controls.
Draft Law on Mitigating Challenges and Risks in Livestock Husbandry to be Developed
During the Cabinet meeting, D. Amarbayasgalan, Chief of the Cabinet Secretariat, and Kh. Bolorchuluun, Minister of Food, Agriculture, and Light Industry, were tasked with developing a draft Law on Mitigating the Negative Impacts of Climate Change on Nomadic Livestock Husbandry and a draft Plan of Measures to Ensure the Sustainable Development of Livestock Production for submission to the Cabinet.
The adoption of this law and the comprehensive plan is expected to:
· Establish a stable supply chain for livestock and livestock-derived products, leading to increased income for herders and an improved standard of living.
· Reduce rural-urban migration, revitalizing rural areas.
· Ensure stable livestock production, improve livestock quality and breeding, and meet hygiene standards.
· Establish environmentally friendly, climate-resilient livestock enterprises capable of managing risks effectively.
· Improve pasture utilization, enhance fodder cultivation practices, and upgrade livestock fencing.
· Maximize the utilization and benefits of government incentives aimed at promoting livestock production.
· Foster public-private partnerships, incorporating input and initiatives from herders while aligning with market principles.
