Shadow of the Pension system in Mongolia Our story represent a loophole of current Pension system in Mongolia. there are number of reason making the loophole bigger and bigger: 1. Total Social insurance fee, for a person with average salary, only cover pension money up to 4-5 years. 2. life expectancy getting longer by the time. According to Nasional Statistic office Mongolia, Mongolians reached retirement age, women could life could live 25 years, and man 17 years. 3. A ratio, total pensioner to toral worker who pay social insurance, would be duble from 2019 to 2051. 4. Annual loss of
Here is the main reason of Pension system’s loss
1. Total Social insurance fee, for a person with average salary, only cover pension money up to 4-5 years.
2. life expectancy getting longer by the time. According to Nasional Statistic office Mongolia,
Mongolians reached retirement age, women could life could live 25 years, and man 17 years.
3. A ratio, total pensioner to toral worker who pay social insurance, would be duble from 2019 to 2051.
What our story propose is pension system reform, make it multi tier system, adding Base pension to current one.
here is the impacr of the story:
– Mongolian parliament organised working group with 5 parliament members, to research for pension system reform in Jan 2020..
– the forum “Pension system reform ” held in Ulaanbaatar, lst december.
– Open data. Our team used to open data, from 1212.mn NSO Mongolia, and National Social Insurange Agency, and etc ..
– Doctorial Dissertation of L.Oyuntsetseg, “Pension system refrom, Introducing Base pension system” http://bs.num.edu.mn/%D0%B4%D0%BE%D0%BA%D1%82%D0%BE%D1%80-%D0%BB-%D0%BE%D1%8E%D1%83%D0%BD%D1%86%D1%8D%D1%86%D1%8D%D0%B3/
– Microsoft excel , used to calculate future projection, example, number of pensioners and social insurance payers, inflation rate, discount rate, income and cost of Pension system,
– According to our calculation : Today’s 1MNT equal to 8 MNT of 2051,
– Each number represented in our story, have certain calculation.
What was the hardest part of this project?
Our main role, Amgalan, born 1986, male, work as technician with average salary.
At first we asked ourselves:
– When he retire, How much much he could get as pension,
– How many pensioners in Mongolia, in 2051 vs today
– How many people pay social insurance in 2051 vs today
– Which kind of problem Mongolian pension system will face in 2051.
– What is the solution for that.
then do economic calculations on google doc, sheet, slides, to find result.
After having result, we also asked for economics and statistical teachers from NUM, whether our result feasible or not?
then we entered story animation task.
What can others learn from this project?
By making the story, We learned how to do future projection and economic calculation .
All the document, data, used in story on the internet.
and it is easy to use, understand for others.