Mongolia’s Banking Regulations Fall Short in Key Areas
Ulan Bator - A Closer Look at the World Bank Report
Mongolia’s banking regulations have been ranked among the highest globally, but a closer examination of the latest report from the World Bank reveals significant disparities between men and women.
Key Findings from the Women, Business and the Law 2021 Report
- The report analyzed 35 questions across eight indicators related to mobility, workplace, pay, marriage, parenthood, entrepreneurship, assets, and pension.
- Mongolia scored 82.5 out of 100, higher than the regional average in East Asia and Pacific but lower than some neighbors like Taiwan.
Areas for Improvement
While Mongolia excels in laws affecting women’s decisions to work, with a perfect score, there are areas where reforms can be made to improve legal equality for women. These include:
- Laws affecting women’s pay
- Laws affecting women’s work after having children
- Laws affecting the size of a woman’s pension
Disparities in Pension Benefits
The report highlights that Mongolia has a significant disparity in pension benefits between men and women, with different ages at which they can retire with full or partial pension benefits. To address this issue, the government may wish to equalize these ages and account for periods of absence from work due to childcare in pension benefits.
Recent Reforms
No reforms were observed during the past year, leaving many opportunities for improvement in Mongolia’s banking regulations. The report emphasizes that addressing these disparities can help promote economic growth and improve living standards for women and families.
Explore More Data on Mongolia’s Banking Regulations
To further explore data on Mongolia’s banking regulations, visit the World Bank website at https://wbl.worldbank.org/en/data/exploreeconomies/mongolia/2021.
Key Indicators and Findings
- Mobility: Women can choose where to live and travel in the same way as men, with a perfect score.
- Women have equal access to employment
- Protected from discrimination
- Workplace
- Women have equal access to employment
- Protected from discrimination
- Laws affecting pay need improvement
- Laws affecting parental leave need improvement
- Marriage: Women have equal rights to marriage and divorce, but legislation on property rights needs review.
- Parenthood: Paid maternity leave is available, but fathers do not have paid leave or parental leave options.
- Entrepreneurship: Women can sign contracts, register businesses, and open bank accounts equally as men.
- Assets: Men and women have equal ownership rights to immovable property, but laws affecting non-monetary contributions need review.
- Pension: The mandatory retirement age for men and women is the same, but differences in pension benefits require reform.
Conclusion
Mongolia’s banking regulations have shown promise, but addressing these disparities can help promote economic growth and improve living standards for women and families.