Lawmakers B.Purevdorj, S.Odontuya and B.Byeisen handed over the draft amendment to the Law on Pensions and Benefits Provided by the Social Insurance Fund to Speaker of Parliament G.Zandanshatar on April 29.

    The bill initiators believe that in 2018, the old-age pension was calculated on the basis of five years of uninterrupted social insurance contributions, which was increased to seven years, led to a decrease in monthly pension.

The draft amendment provides for the determination of pensionable wages based on wages and similar income calculated from contributions paid by the insured for the last five consecutive years of the last 20 years of payment of pension insurance premiums.

The bill initiators believe that with the adoption of the amendment to the law, the amount of old age pensions will increase, and there will be no budget and economic risks and difficulties.

On the same day, Minister of Finance B.Javkhlan submitted results of the implementation of the government action plan through 2024, 2022 Fiscal Framework Statement of the Unified Budget of Mongolia, bill on budget forecast through 2024, and draft amendment to the parliamentary resolution on some measures to be taken regarding Erdenet Mining Corporation and Mongolrostsvetmet LLC to Speaker of Parliament G.Zandanshatar.