Shadow of the pension system in Mongolia

2020

Shadow of the pension system in Mongolia

Category: Open data

Country/area: Mongolia

Organisation: https://ikon.mn/n/1kd7, https://www.facebook.com/MYOHP/posts/2339558936315747, https://www.facebook.com/watch/?v=415473815937403,

Organisation size: Small

Publication date: 25/04/2019

Credit: Brainstorm team of 4 journalists from different organizations, Otgontugs Ulziisuren, from MCDJ, Davaadulam Davaajav and Batzaya Ganbat, from Mongolian National Radio, Shurentsetseg Sukhbaatar, from LIVETV Mongolia.

Project description:

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

Impact reached:

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.

Techniques/technologies used:

– 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.