Mongolia : Policy Options for Pension Reform
This report evaluates the adequacy and sustainability of the Mongolian pension insurance scheme. It analyzes recent changes to pension parameters including amendments enacted in 2017 and early 2018. The report uses actuarial projections to assess t...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/873841592807081133/Mongolia-Policy-Options-for-Pension-Reform http://hdl.handle.net/10986/34188 |
| Summary: | This report evaluates the adequacy and
sustainability of the Mongolian pension insurance scheme. It
analyzes recent changes to pension parameters including
amendments enacted in 2017 and early 2018. The report uses
actuarial projections to assess the impact of changes,
including the contribution rate and retirement age, on the
fiscal costs of state subsidies to the scheme. The report
finds that 2017-2018 changes including a discounted service
buyback, reduction in herders’ retirement ages, and several
supplements to service histories for herders and mothers
will materially impact the sustainability and incentives of
the scheme. It recommends several changes in parameters to
limit the growth in fiscal costs and improve incentives. It
also presents transition arrangements to smooth the impact
of the reforms presented. |
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