The General Department of Social Insurance has unveiled significant milestones and initiatives for 2024, reflecting its commitment to enhancing social insurance coverage and modernizing its operations. Below are the key highlights:
Record Contributions to the Social Insurance Fund
With 2024 declared as the “Year of Increasing Social Insurance Coverage,” the fund achieved remarkable progress:
- 1,117,000 individuals insured under various schemes.
- 4.6 trillion MNT in income accumulated.
- 4.2 trillion MNT spent on pensions, benefits, and services, aiding 663,600 recipients.
Implementation of the Revised Social Insurance Package Law
The updated legislation has expanded support for vulnerable groups:
- Contributions worth 11.5 billion MNT for mothers of young children, including 3.7 billion MNT covered by the Pension Insurance Fund.
- Contributions for caregivers of disabled children and herders were also included, ensuring broader social coverage.
- 2,226 pensioners were granted special old-age pensions.
Transition Toward a Savings-Based Pension System
Steps were initiated to shift from a distribution system to a savings model:
- 212.2 billion MNT from personal insured accounts has been transferred to the Pension Reserve Fund as part of this transition.
Investment and Growth Opportunities
The Social Insurance Fund invested 300 billion MNT in government securities, potentially growing fund assets by 55 billion MNT.
Pension Increases for Beneficiaries
Effective April 2024, pensions for 500,600 individuals saw an increase of 100,000 MNT, with the average pension rising to 785,600 MNT. The minimum full pension is now 650,000 MNT, ensuring better support for retirees.
Expanding Accessibility and Digital Services
Efforts to modernize and digitize services included:
- A new ORACLE-based information system offering reliable, real-time social insurance services.
- Version 2.0 of the social insurance app served 212,000 users, providing easier access to essential information.
Public Outreach and Awareness
The department organized Social Insurance Open Information Month across all 21 provinces and 9 districts, reaching over 16,700 individuals. Live broadcasts attracted 5.1 million viewers, significantly improving public awareness.
Strengthening International Collaboration
The agency expanded global cooperation, highlighted by:
- Support from the Turkish Cooperation and Coordination Agency (TIKA) for equipping training facilities.
- Progress on pension agreements with Kazakhstan.
- Consultation with the World Bank to reform Mongolia’s pension system.
Emergency Preparedness
For the first time, the agency’s staff participated in the Disaster Protection Command Staff School, receiving training on disaster readiness, particularly for earthquake scenarios.
A Year of Transformation
2024 marked a pivotal year for Mongolia’s social insurance framework, with a focus on increasing coverage, modernizing systems, and enhancing benefits for citizens. These achievements underline the government’s commitment to ensuring financial security and social welfare for all.
