At today’s regular cabinet meeting (December 18, 2024), the Government discussed the adjustment of pension amounts in accordance with the Law on Pensions Provided by the Social Insurance Fund. According to the law, "The amount of pension for retirees shall be increased starting from January 1 of each year, in line with the average annual inflation rate of the previous year."
In line with this, the Government issued a resolution to increase the pension amounts and update the minimum pension thresholds. Under this resolution, the pensions provided through the Social Insurance Fund, as well as military pensions, will be increased by six percent. The Minister of Labor and Social Protection, L. Enkh-Amgalan, has been tasked with implementing this resolution within the approved budget framework.
Furthermore, the minimum amount for full pensions provided by the Social Insurance Fund and military pensions has been set at MNT 689,000 (six hundred eighty-nine thousand), while the minimum amount for proportional pensions provided by the Social Insurance Fund has been set at MNT 572,400 (five hundred seventy-two thousand four hundred).
This resolution will take effect starting January 1, 2025. To facilitate the six percent pension increase, a budget of MNT 297.4 billion has been allocated under the Social Insurance Fund's budget for 2025.
Translated by ChatGPT
At today’s regular cabinet meeting (December 18, 2024), the Government discussed the adjustment of pension amounts in accordance with the Law on Pensions Provided by the Social Insurance Fund. According to the law, "The amount of pension for retirees shall be increased starting from January 1 of each year, in line with the average annual inflation rate of the previous year."
In line with this, the Government issued a resolution to increase the pension amounts and update the minimum pension thresholds. Under this resolution, the pensions provided through the Social Insurance Fund, as well as military pensions, will be increased by six percent. The Minister of Labor and Social Protection, L. Enkh-Amgalan, has been tasked with implementing this resolution within the approved budget framework.
Furthermore, the minimum amount for full pensions provided by the Social Insurance Fund and military pensions has been set at MNT 689,000 (six hundred eighty-nine thousand), while the minimum amount for proportional pensions provided by the Social Insurance Fund has been set at MNT 572,400 (five hundred seventy-two thousand four hundred).
This resolution will take effect starting January 1, 2025. To facilitate the six percent pension increase, a budget of MNT 297.4 billion has been allocated under the Social Insurance Fund's budget for 2025.
Translated by ChatGPT