Government Approves Draft Amendments to the Social Insurance Law Package

The Government of Mongolia has approved a draft bill to amend the Social Insurance Law Package and will submit it to the State Great Khural for review.

The proposed amendments aim to reform the pension system by introducing a multi-pillar approach, allowing citizens to receive pensions from multiple sources. Under the draft law, employers may receive a reduction of up to 2% in their social insurance contribution rates. Additionally, up to 4% of an individual’s contribution would be allocated to a personal pension account under their name.

The draft also proposes exemptions from social insurance contributions for students, young workers, and senior citizens who are employed.