Minister T. Aubakir Meets with World Bank Country Manager for Mongolia, Mr. Taehyun Lee

The Ministry of Family and Labour, Social Protection has maintained a long standing and productive partnership with the World Bank, working closely on social protection, employment promoting, and poverty reduction initiatives.

At a meeting held on June 27, Minister T. Aubakir reaffirmed the Ministry’s commitment to strengthening the legal framework, enhancing policy implementation and regulation, and ensuring transparency and public access to information in the sector.

In this context, the Ministry is preparing to submit several key legislative drafts to the Government for Discussion, including laws on Occupational Safety and Health, Employment Promotion, Social welfare, Family Support, Voluntary Pension, and the General Law on Social Insurance.

The Minister emphasized the need to further expand cooperation with the World Bank, particularly in the area of pension reform, in response to growing fiscal pressure from an aging population. The two sides are currently working together on scenario-based policy options and long-term actuarial projections for the national pension system.

 Since September 2024, Mr. Alexey Sluchinsky, Lead Economist at the World Bank, has been supporting this work through both virtual and in person missions to Mongolia, helping to model reform options and provide technical recommendations.

As a result, Mongolia is moving toward establishing a three-pillar pension system, which includes:

·         Basic (non-contributory) pension

·         Contributory pension

·         Voluntary private pension scheme

During the meeting, both sides exchanged updates and insights, and discussed ways to further deepen their partnership in the years ahead.