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In the second quarter of this year, the average monthly household income reached 1.5 million MNT, increasing by 3.9 percent compared to the same period of the previous year. This was due to a 70.1 percent increase in pension and benefit income.
Since the start of the pandemic, soft fiscal and monetary policies have been implemented to reduce the impact of the pandemic, such as raising the child allowance to 100,000 MNT until the end of the year, and welfare assistance has increased by 100,000 MNT until the end of the year. Looking at the structure of household incomes, incomes other than pensions have decreased. The share of wage income decreased by 9.6 percentage points from the same period in the previous year, while the share of pension and benefit income increased.
Although the average monthly household income increased slightly, expenditures decreased, according to a survey conducted by the National Statistics Office. Average monthly household expenditure decreased by 4.2 percent to reach 1.4 million MNT during the reporting period. However, according to a price impact assessment, it decreased by 10.1 percent to reach 1.1 million MNT. The decline in household spending indicates that the economy has not yet reached pre-pandemic levels. Some economists say welfare spending needs to be reduced.
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