The members of the Democratic Party presented the draft “Joint Pension Law”on 1st January 2014. During the afternoon session on 3rd December, Parliament had a final discussion on the draft law. It was approved by a vote. The purpose of this law is as follows: if either of an elderly couple, living together, dies, his or her pension will automatically go to the remaining spouse. The Government will decide the amount of the pension, relevant to this law. This legislation will come into force from 2017.
According to initial forecasts, the “Joint Pension Law” will require MNT 21 billion annually. Also, this law will not apply to married couples, who have an age gap exceeding 20 years. During the session, members of the Mongolian People’s Party noted: “Year by year, the burden on the Social Insurance Fund is becoming ever heavier; therefore, it may not be possible to implement this law if there is not sufficient risk management in place”.