Representatives of Singapore’s Central Provident Fund arrives in Mongolia www.montsame.mn
The representatives of the Central Provident Fund of the Republic of Singapore arrived in Mongolia to provide consulting services for the establishment of Mongolia’s Unified Accumulation Fund.
The representatives of the Central Provident Fund of Singapore were received by Deputy Minister of Labor and Social Protection S.Zulpkhar and Secretary of State G.Unurbayar.
The Government of Mongolia aims to establish a unified accumulation fund, gradually transition to a system that provides comprehensive solutions to education, health, pension, housing, and social security services, reduce poverty, and raise the standard of living.
During the Prime Minister of Mongolia’s visit to the Republic of Singapore in July, the Ministry of Labor and Social Protection signed a memorandum of understanding to receive consulting services from the Singapore Cooperation Enterprise regarding the introduction of the unified accumulation fund system of Singapore to Mongolia.
The consulting service team will work in Mongolia on August 10-16, share the experience of creating and developing the system, and assess and identify the problems and delays in the current governance and policies of the pension fund and social welfare system.