The Hon Amanda Rishworth MP
Minister for Social Services
Member for Kingston
Senator the Hon Penny Wong
Leader of the Government in the Senate
Minister for Foreign Affairs
Senator for South Australia
The Albanese Labor Government is entering into negotiations with the Mongolian Government on a bilateral social security agreement.
An agreement would enhance access to certain Australian and Mongolian social security benefits for eligible people who have lived and/or worked in both countries.
Minister for Social Services Amanda Rishworth said an agreement would not only help strengthen ties with Mongolia, but would also offer greater freedom and choice for eligible people on how and where they spend their retirement.
"Generally, agreements allow people to maximise their income by helping them claim payments from both Australia and other countries, where they have spent part of their life making a living for themselves," Minister Rishworth said.
"An agreement also has the potential to benefit businesses as well as individuals in both countries.
Minister for Foreign Affairs, Penny Wong, said the commencement of negotiations is an important step in growing the Australia-Mongolia relationship
"Australia and Mongolia are working together to deepen our cooperation across a range of areas including our people-to-people ties, economic and education linkages.
"This agreement to commence negotiations will benefit both Mongolians and Australians and encourage trade and investment between our two countries."
An agreement between Australia and Mongolia would build on Australia's existing portfolio of 32 international social security agreements, following the recent commencement of the Social Security Agreement between Australia and Serbia.
Mongolian Ambassador, Davaasuren Damdinsuren said he values the agreement as an essential milestone for strengthening the relationship between Mongolia and Australia.
"It demonstrates both Governments' commitment to protect and ensure the rights and interests of its citizens residing overseas," Ambassador Davaasuren said.
Ambassador Davaasuren acknowledges the importance of the agreement for strengthening bilateral relations in people-to-people ties and to encourage trade and investments between two countries.
"This agreement will enormously benefit to the peoples of both countries residing each other's territory."
In addition to improving bilateral relations, international social security agreements:
- assist eligible people who have moved between Australia and an agreement country to access pensions from both countries they may not otherwise be able to access,
- provide increased flexibility and choice to eligible individuals upon retirement, and
- reduce business costs, promote bilateral trade and investment opportunities.
