Pension
The Social Insurance Fund of Mongolia provides retirement pensions for the insured. It is compulsory for employers to register their employees with the fund. To qualify, individuals must meet either of the following criteria:
- A contribution period of 21 years and 9 months or more in 2024 (increasing by 3 months annually to 25 years by 2037) and an age of 60 for men or 55 for women; or
- A contribution period of 10–20 years and an age that corresponds to their birth year (see the "Pension Insurance" reference)
The retirement age and contribution period requirement are lower for those working in underground or toxic conditions.
Pensions are calculated based on 45% of the average salary or equivalent income from any consecutive five years (60 months) within the last 20 years of contributions. If the insured has paid the pension insurance premiums and does not meet the above requirements, the old age pension shall be determined proportionally.
Mongolia also provides social welfare benefits to elderly citizens 65 years or older who are not eligible for insurance pensions. They receive a monthly pension set by the government, along with employment and training support, and care services.
Dependents/Survivors Benefits
The Social Insurance Fund of Mongolia provides pension to survivors of deceased insured persons. The deceased must have been working and paid insurance premiums for 20 years, paid contributions for at least 36 months (including 12 consecutive months) in the last 5 years before death, or was already receiving an old-age, or disability pension. Eligible survivors include spouses, children, parents, and grandparents.
The full survivors' pension is calculated as 45% of the deceased's average salary from any consecutive 5 years (60 months) within the last 20 years of contributions, increased by 1.5% per year of contribution beyond that. It is paid as 100% of the calculated amount for 3 or more family members, 75% for 2 family members, and 50% for 1 family member.
In case of death of an employee due to a work accident or occupational disease, dependent survivors become eligible for survivors pension paid by the Industrial Accident and Occupational Disease Insurance Fund. The pension is paid as 100% of the average salary of the deceased for 3 or more family members, 75% for 2 family members, and 50% for 1 family member.
Invalidity Benefits
The Social Insurance Fund of Mongolia provides disability pension to insured persons who have lost at least 50% of their ability to work, provided they have paid contributions for 20 years or 3 years out of the last 5 years before disability. Insured persons who have paid contributions for at least 3 years and have lost at least 50% of their ability to work may be entitled to a proportional disability pension.
Disability pension for complete disability is 45% of the average salary from any consecutive five years within the last 20 years of contributions, increased by 0.125% per month of contribution beyond that. The minimum complete disability pension is MNT 550,000 (Mongolian tugrik). Partial disability pension is calculated by multiplying the complete disability pension by the degree of disability, with a minimum amount of MNT 440,000.
In case of permanent disability due to work-related accidents or illnesses, employees receive a disability pension from the Industrial Accident and Occupational Disease Insurance Fund. Disability pension is calculated as a percentage of the average monthly salary depending on the degree of disability. The disability pension for an insured who has lost at least 30% of his/her ability to work and cannot be less than 75% of the minimum wage. Insured persons who have lost their ability to work due to an industrial accident or an occupational disease shall be reimbursed 100% of the cost of prosthetics and surgery for the first time and 50% of the price for the second time.