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Shadow of Pension system in Mongolia

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Brainstorm team

2019/04/24

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Pension amount in MNT, who has an average salary, and worked 21 years,

Sector

Total social insurance paid

k MNT

Pension amount

k MNT

Duration, year, person will get own social insurance

Average length of retirement, years,

Current age of retirement , by Sex

Averages

17141.7

395.5

3.61

17.1

Male, 60

14688.82

343.14

3.57

25.4

Female,55

Agriculture sector

10817.63

282.32

2.32

17.1

Male, 60

9553.08

266.02

2.99

25.4

Female,55

Mining

26272.59

746.81

2.93

17.1

Male, 60

26480.32

869.55

2.54

25.4

Female,55

Education and Health

15716.73

355.4

3.69

17.1

Male, 60

14064.26

326.9

3.59

25.4

Female,55

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Total pension amount paid by Pension fund, million MNT,

Number of Pensioners

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Population pyramid of Mongolia 2015

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Population pyramid of Mongolia 2030

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Population pyramid of Mongolia 2045

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2017 он

2051 он

There are 3 pensioners for Every 10 workers,

who pays social insurance in Mongolia 2017.

But this ratio will double in 2051.

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https://www.datawrapper.de/_/tkZoE/

Loss of Mongolian Pension Fund, billion MNT, projected to 2051

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873 мянган тэтгэвэр авагч

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3,168,000 төг тэтгэвэртэй

(2019 оны 396,000 төг)

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In 2051, Amgalan (main role of the story) will 65 years old,

and will become one of 873k pensioners. And he will get pension amounted 3,168,000 MNT

( equivalent to 396k MNT in 2019, ~150 USD.

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National Base Pension System

  • Base pension amount will be 2,292,800 MNT (equivalent to minimum standart of livint at 2051)
  • According to Dr, Prof L.Oyuntsetseg’s calculation, from National University of Mongolia

Stage (5 years)

Monthly payment MNT

I

6800

II

13600

III

24480

IV

44064

V

66096

VI

99144

VII

118973

Total of all 7 stages

107954120

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https://www.datawrapper.de/_/tkZoE/

Loss of Mongolian Pension Fund with Base pension tier, billion MNT, projected to 2051

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Pension amount of Amgalan, will become 5,460,000 MNT in 2051, equal 682,600 MNT of 2019, ~260 USD

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Special thanks to

  • Dr, Prof L.Oyuntsetseg’s calculation, from National University of Mongolia (NUM)
  • Khulan, lecturer from NUM)
  • National Statistical Office, Mongolia(1212.mn)
  • National Social Insurance Agency of Mongolia
  • JICA SINRAI project team
  • B.Tuul, teacher from Press Institute Mongolia

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Brainstrom Team