Boost in Veteran Pensions: 100,000 MNT Increase
Mongolian Government Increases Pension and Benefits for Citizens
The Mongolian government has announced plans to increase the amount of pension provided by the Social Insurance Fund and pension of military personnel by 100 thousand MNT starting from April 1, 2024. This increase will benefit a total of 499.2 thousand pensioners, with 449.3 billion MNT being allocated for this purpose.
Currently, the average pension amount stands at 685.6 thousand MNT. With the proposed increase of 100 thousand MNT, the average pension amount will rise to 785.6 thousand MNT. Additionally, the minimum amount of proportional pension, which is currently set at 440 thousand MNT, will also see a 100 thousand MNT increase.
Furthermore, the welfare pension will also undergo an increase. As of now, there are 65,600 individuals receiving welfare pension benefits.
In addition to pension increases, the government will also be providing support to children with disabilities who require constant care up to the age of 16. A total of 12,800 citizens currently receive this benefit, which was set at 188 thousand MNT in 2020. Following a 12.8 percent increase in 2023, the benefit amount will be further raised to 375 thousand MNT starting from April 1, 2024, with an increase of 50 thousand MNT.
These measures aim to improve the welfare and livelihoods of Mongolian citizens, particularly pensioners and individuals with disabilities, ensuring that they are adequately supported by the government.
