Mongolia - Pension fund money in the country will dry up in 25-30 years, according to research by the National University of Mongolia.
Researchers Dr Bold and Dr Tamir said pension fund money would be exhausted completely and people currently paying into the social insurance premium would suffer "a hundred times greater losses" than victims of recent failed credit and savings associations.
People currently pay 10% of their months income into the social income premium while their organisation pays 19%, however they have no control of their deposits, as the premium is collected by the state and not the pension fund and it gets shared directly between present pensioners.
The social insurance premium should be kept relatively steady with 0.5% interest on the pension fund however according to research the pension fund has had no accrued assets since communist times.
The system maintaining the social insurance premium ensures monies paid are added directly to the state budget. The Ministry of Finance and Ministry of Social Welfare and Labor then share it out to pensioners in a practice dating back to the end of the socialist period. However the pension fund functions, accrued expenses exceed accrued income at the present time.
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