The President of Mongolian Labor Union, S.Ganbaatar, has complained to court that Minister of Finance and the Chief of State Treasury Fund Authority are not working well to raise the money in social insurance fund paid by thousands of citizens.
The Ministry of Finance explains the social insurance fund that has been debated in the past years. The law on general budget was amended in 2002 and 2003, which indicates that the income of social insurance is part of state budget structure and the state budget income and expenses is completed through the State Treasure Fund /STF/. According to the provisions, social insurance fund’s general account is placed in Mongolbank.
In 2009 and 2010, Minister of Social Welfare and Labor T.Gandi, Minister of Finance S.Bayartsogt, President of Mongolbank and National Committee of Social Insurance made a decision to place some percentage of social insurance fund’s capital to commercial banks to raise capital. Besides, the capital is raised in type of the Government bond and Mongolbank security. Total of MNT3760.6 million was centralized in Social Insurance Fund between 2004 and 2009.
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