Mongolia : Pension Policy Challenges and Reform Options
Mongolia inherited a pay-as-you go public pension system providing universal coverage and high levels of benefits (relative to pre-retirement income), consistent with the state provision of all forms of social insurance. The system was reformed in...
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| Format: | Policy Note |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2008/04/16465286/mongolia-pension-policy-challenges-reform-options http://hdl.handle.net/10986/12677 |
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okr-10986-12677 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ACCOUNTING ACCRUAL RATE ACCRUAL RATES ACCRUALS ADB ADMINISTRATIVE COSTS ALIMONY BANKRUPTCY BENEFICIARY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT INDEXATION BENEFIT LEVEL BENEFIT LEVELS BINDING CONSTRAINT BREADWINNER CAPITAL MARKETS CASH TRANSFERS COMPENSATION CONSUMER PRICE INDEX CONSUMPTION SMOOTHING CONTRACTUAL SAVINGS CONTRIBUTION DATA CONTRIBUTION RATE CONTRIBUTION RATES COST OF LIVING COST REDUCTION CREDIBILITY DEFICITS DEFINED BENEFIT DEFINED BENEFIT SCHEME DEFINED-BENEFIT SCHEME DEFINED-BENEFIT SCHEMES DEMOGRAPHIC DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT BANK DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISBURSEMENT DISBURSEMENTS DISPUTE RESOLUTION ECONOMIC LIBERALIZATION ECONOMIC VOLATILITY ELDERLY EMPLOYEE EMPLOYMENT ENABLING ENVIRONMENT EQUIPMENT EXPENDITURE FEMALE FEMALES FERTILITY FERTILITY RATES FINANCES FINANCIAL MANAGEMENT FINANCIAL SUSTAINABILITY FISCAL BURDEN FORMAL PENSION FUNDED ACCOUNTS GENDER GENDER DIFFERENCES GOVERNMENT BUDGET GOVERNMENT EXPENDITURES GOVERNMENT REVENUES GOVERNMENT SUBSIDY GROSS WAGE HOLDINGS HOME HOUSEHOLD INCOME HOUSING HUMAN DEVELOPMENT INCOME GROUPS INCOME GROWTH INCOME SECURITY INCOME TAX INCOME TAXES INCOMES INDIVIDUAL ACCOUNT INFLATION INFLATION RATE INFORMAL SECTOR INFORMATION DISCLOSURE INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE PENSIONS INSURANCE POLICY INSURANCE REFORMS INTEREST RATE INVESTMENT CLIMATE INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT POLICY INVESTMENT STRATEGY JOB CREATION LABOR FORCE LABOR MARKET LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LIFE EXPECTANCY LIVING STANDARD LONGEVITY RISKS MANAGEMENT REVIEW MANDATORY SCHEME MARKET TRENDS MINIMUM BENEFIT MORTALITY NATIONAL DEVELOPMENT NOMINAL WAGE NORMAL RETIREMENT AGE NOTIONAL ACCOUNT NOTIONAL ACCOUNTS OLD-AGE INCOME OLD-AGE PENSION OLD-AGE PENSIONS OPERATING COSTS PENSION PENSION AGE PENSION AT RETIREMENT PENSION BENEFICIARIES PENSION BENEFIT PENSION BENEFITS PENSION CONTRIBUTIONS PENSION EXPENDITURES PENSION INCOME PENSION INSURANCE PENSION LIABILITY PENSION POLICY PENSION PROVISION PENSION PROVISIONS PENSION REFORM PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAXES PRESENT VALUE PRICE INDEXATION PRIVATE PENSION PRODUCTIVITY PUBLIC ENTERPRISES PUBLIC EXPENDITURES PUBLIC PENSION PUBLIC PENSIONS RATE OF GROWTH RATE OF RETURN RATES OF RETURN REFORM PROGRAM REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVE FUND RESERVES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFIT RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT PENSION RETURNS REVENUE SOURCES SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE BENEFIT SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE CONTRIBUTION SOCIAL INSURANCE CONTRIBUTIONS SOCIAL INSURANCE FUND SOCIAL INSURANCE SYSTEM SOCIAL PENSION SOCIAL PENSIONS SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS SOCIAL WELFARE TAX TAX ADVANTAGE TAX TREATMENT TAXATION TECHNICAL ASSISTANCE TREASURY TREASURY SECURITIES UNFUNDED PENSION VALUATION VOLUNTARY PENSION VOLUNTARY PENSIONS WAGE GROWTH WAGES WIDOW WIDOWER WILL WITHDRAWAL WOMAN |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCRUAL RATE ACCRUAL RATES ACCRUALS ADB ADMINISTRATIVE COSTS ALIMONY BANKRUPTCY BENEFICIARY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT INDEXATION BENEFIT LEVEL BENEFIT LEVELS BINDING CONSTRAINT BREADWINNER CAPITAL MARKETS CASH TRANSFERS COMPENSATION CONSUMER PRICE INDEX CONSUMPTION SMOOTHING CONTRACTUAL SAVINGS CONTRIBUTION DATA CONTRIBUTION RATE CONTRIBUTION RATES COST OF LIVING COST REDUCTION CREDIBILITY DEFICITS DEFINED BENEFIT DEFINED BENEFIT SCHEME DEFINED-BENEFIT SCHEME DEFINED-BENEFIT SCHEMES DEMOGRAPHIC DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT BANK DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISBURSEMENT DISBURSEMENTS DISPUTE RESOLUTION ECONOMIC LIBERALIZATION ECONOMIC VOLATILITY ELDERLY EMPLOYEE EMPLOYMENT ENABLING ENVIRONMENT EQUIPMENT EXPENDITURE FEMALE FEMALES FERTILITY FERTILITY RATES FINANCES FINANCIAL MANAGEMENT FINANCIAL SUSTAINABILITY FISCAL BURDEN FORMAL PENSION FUNDED ACCOUNTS GENDER GENDER DIFFERENCES GOVERNMENT BUDGET GOVERNMENT EXPENDITURES GOVERNMENT REVENUES GOVERNMENT SUBSIDY GROSS WAGE HOLDINGS HOME HOUSEHOLD INCOME HOUSING HUMAN DEVELOPMENT INCOME GROUPS INCOME GROWTH INCOME SECURITY INCOME TAX INCOME TAXES INCOMES INDIVIDUAL ACCOUNT INFLATION INFLATION RATE INFORMAL SECTOR INFORMATION DISCLOSURE INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE PENSIONS INSURANCE POLICY INSURANCE REFORMS INTEREST RATE INVESTMENT CLIMATE INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT POLICY INVESTMENT STRATEGY JOB CREATION LABOR FORCE LABOR MARKET LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LIFE EXPECTANCY LIVING STANDARD LONGEVITY RISKS MANAGEMENT REVIEW MANDATORY SCHEME MARKET TRENDS MINIMUM BENEFIT MORTALITY NATIONAL DEVELOPMENT NOMINAL WAGE NORMAL RETIREMENT AGE NOTIONAL ACCOUNT NOTIONAL ACCOUNTS OLD-AGE INCOME OLD-AGE PENSION OLD-AGE PENSIONS OPERATING COSTS PENSION PENSION AGE PENSION AT RETIREMENT PENSION BENEFICIARIES PENSION BENEFIT PENSION BENEFITS PENSION CONTRIBUTIONS PENSION EXPENDITURES PENSION INCOME PENSION INSURANCE PENSION LIABILITY PENSION POLICY PENSION PROVISION PENSION PROVISIONS PENSION REFORM PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAXES PRESENT VALUE PRICE INDEXATION PRIVATE PENSION PRODUCTIVITY PUBLIC ENTERPRISES PUBLIC EXPENDITURES PUBLIC PENSION PUBLIC PENSIONS RATE OF GROWTH RATE OF RETURN RATES OF RETURN REFORM PROGRAM REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVE FUND RESERVES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFIT RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT PENSION RETURNS REVENUE SOURCES SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE BENEFIT SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE CONTRIBUTION SOCIAL INSURANCE CONTRIBUTIONS SOCIAL INSURANCE FUND SOCIAL INSURANCE SYSTEM SOCIAL PENSION SOCIAL PENSIONS SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS SOCIAL WELFARE TAX TAX ADVANTAGE TAX TREATMENT TAXATION TECHNICAL ASSISTANCE TREASURY TREASURY SECURITIES UNFUNDED PENSION VALUATION VOLUNTARY PENSION VOLUNTARY PENSIONS WAGE GROWTH WAGES WIDOW WIDOWER WILL WITHDRAWAL WOMAN World Bank Mongolia : Pension Policy Challenges and Reform Options |
| geographic_facet |
East Asia and Pacific Mongolia |
| description |
Mongolia inherited a pay-as-you go
public pension system providing universal coverage and high
levels of benefits (relative to pre-retirement income),
consistent with the state provision of all forms of social
insurance. The system was reformed in 1995, including the
introduction of contributions for pensions and other social
insurance, but it remained dependent upon Government
transfers. The reforms improved the existing scheme but
failed to achieve financial sustainability or address a
number of weaknesses in the existing scheme's design,
which created weak incentives for contributing to the system
and benefit inequities between different groups of
workers/cohorts. This policy note responds to this request,
and it is part of an ongoing broader collaboration with the
Government and the Asian Development Bank (ADB) on pension
reform that includes: (i) supporting the development of the
policy framework for pension reform; (ii) improving the
pension policy making capacity; and (iii) assisting in the
identification of the institutional development needs to
support the new pension system. This note identifies a
number of challenges in the design and implementation of the
current social insurance system that would need to be
addressed to strengthen the system's ability to provide
consumption smoothing and old-age income security for
Mongolia's population. |
| format |
Economic & Sector Work :: Policy Note |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Mongolia : Pension Policy Challenges and Reform Options |
| title_short |
Mongolia : Pension Policy Challenges and Reform Options |
| title_full |
Mongolia : Pension Policy Challenges and Reform Options |
| title_fullStr |
Mongolia : Pension Policy Challenges and Reform Options |
| title_full_unstemmed |
Mongolia : Pension Policy Challenges and Reform Options |
| title_sort |
mongolia : pension policy challenges and reform options |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2008/04/16465286/mongolia-pension-policy-challenges-reform-options http://hdl.handle.net/10986/12677 |
| _version_ |
1764422033541693440 |
| spelling |
okr-10986-126772021-04-23T14:03:05Z Mongolia : Pension Policy Challenges and Reform Options World Bank ACCOUNTABILITY ACCOUNTING ACCRUAL RATE ACCRUAL RATES ACCRUALS ADB ADMINISTRATIVE COSTS ALIMONY BANKRUPTCY BENEFICIARY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT INDEXATION BENEFIT LEVEL BENEFIT LEVELS BINDING CONSTRAINT BREADWINNER CAPITAL MARKETS CASH TRANSFERS COMPENSATION CONSUMER PRICE INDEX CONSUMPTION SMOOTHING CONTRACTUAL SAVINGS CONTRIBUTION DATA CONTRIBUTION RATE CONTRIBUTION RATES COST OF LIVING COST REDUCTION CREDIBILITY DEFICITS DEFINED BENEFIT DEFINED BENEFIT SCHEME DEFINED-BENEFIT SCHEME DEFINED-BENEFIT SCHEMES DEMOGRAPHIC DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT BANK DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISBURSEMENT DISBURSEMENTS DISPUTE RESOLUTION ECONOMIC LIBERALIZATION ECONOMIC VOLATILITY ELDERLY EMPLOYEE EMPLOYMENT ENABLING ENVIRONMENT EQUIPMENT EXPENDITURE FEMALE FEMALES FERTILITY FERTILITY RATES FINANCES FINANCIAL MANAGEMENT FINANCIAL SUSTAINABILITY FISCAL BURDEN FORMAL PENSION FUNDED ACCOUNTS GENDER GENDER DIFFERENCES GOVERNMENT BUDGET GOVERNMENT EXPENDITURES GOVERNMENT REVENUES GOVERNMENT SUBSIDY GROSS WAGE HOLDINGS HOME HOUSEHOLD INCOME HOUSING HUMAN DEVELOPMENT INCOME GROUPS INCOME GROWTH INCOME SECURITY INCOME TAX INCOME TAXES INCOMES INDIVIDUAL ACCOUNT INFLATION INFLATION RATE INFORMAL SECTOR INFORMATION DISCLOSURE INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE PENSIONS INSURANCE POLICY INSURANCE REFORMS INTEREST RATE INVESTMENT CLIMATE INVESTMENT MANAGEMENT INVESTMENT MANAGERS INVESTMENT POLICY INVESTMENT STRATEGY JOB CREATION LABOR FORCE LABOR MARKET LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LIFE EXPECTANCY LIVING STANDARD LONGEVITY RISKS MANAGEMENT REVIEW MANDATORY SCHEME MARKET TRENDS MINIMUM BENEFIT MORTALITY NATIONAL DEVELOPMENT NOMINAL WAGE NORMAL RETIREMENT AGE NOTIONAL ACCOUNT NOTIONAL ACCOUNTS OLD-AGE INCOME OLD-AGE PENSION OLD-AGE PENSIONS OPERATING COSTS PENSION PENSION AGE PENSION AT RETIREMENT PENSION BENEFICIARIES PENSION BENEFIT PENSION BENEFITS PENSION CONTRIBUTIONS PENSION EXPENDITURES PENSION INCOME PENSION INSURANCE PENSION LIABILITY PENSION POLICY PENSION PROVISION PENSION PROVISIONS PENSION REFORM PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAXES PRESENT VALUE PRICE INDEXATION PRIVATE PENSION PRODUCTIVITY PUBLIC ENTERPRISES PUBLIC EXPENDITURES PUBLIC PENSION PUBLIC PENSIONS RATE OF GROWTH RATE OF RETURN RATES OF RETURN REFORM PROGRAM REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVE FUND RESERVES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFIT RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT PENSION RETURNS REVENUE SOURCES SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE BENEFIT SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE CONTRIBUTION SOCIAL INSURANCE CONTRIBUTIONS SOCIAL INSURANCE FUND SOCIAL INSURANCE SYSTEM SOCIAL PENSION SOCIAL PENSIONS SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS SOCIAL WELFARE TAX TAX ADVANTAGE TAX TREATMENT TAXATION TECHNICAL ASSISTANCE TREASURY TREASURY SECURITIES UNFUNDED PENSION VALUATION VOLUNTARY PENSION VOLUNTARY PENSIONS WAGE GROWTH WAGES WIDOW WIDOWER WILL WITHDRAWAL WOMAN Mongolia inherited a pay-as-you go public pension system providing universal coverage and high levels of benefits (relative to pre-retirement income), consistent with the state provision of all forms of social insurance. The system was reformed in 1995, including the introduction of contributions for pensions and other social insurance, but it remained dependent upon Government transfers. The reforms improved the existing scheme but failed to achieve financial sustainability or address a number of weaknesses in the existing scheme's design, which created weak incentives for contributing to the system and benefit inequities between different groups of workers/cohorts. This policy note responds to this request, and it is part of an ongoing broader collaboration with the Government and the Asian Development Bank (ADB) on pension reform that includes: (i) supporting the development of the policy framework for pension reform; (ii) improving the pension policy making capacity; and (iii) assisting in the identification of the institutional development needs to support the new pension system. This note identifies a number of challenges in the design and implementation of the current social insurance system that would need to be addressed to strengthen the system's ability to provide consumption smoothing and old-age income security for Mongolia's population. 2013-03-12T20:54:44Z 2013-03-12T20:54:44Z 2008-04-21 http://documents.worldbank.org/curated/en/2008/04/16465286/mongolia-pension-policy-challenges-reform-options http://hdl.handle.net/10986/12677 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work East Asia and Pacific Mongolia |