Iranian Oil Industry Retirees to Receive Major Housing Loans in New Welfare Initiative
In a significant move to enhance the welfare of its retirees, Iran’s oil industry has signed three major agreements to provide substantial housing and financial facilities. The signing ceremony, held on Sunday, marks a concrete step in the government’s ongoing commitment to improving the livelihoods of its retired workforce.
New Agreements for Enhanced Welfare
The agreements were formalized by the Saba Oil Engineering and Construction Company, acting on behalf of the Oil Industry Retirement Funds, in collaboration with three prominent companies affiliated with the Ministry of Roads and Urban Development and investment divisions of major banks. The central focus of these memoranda is to provide comprehensive housing loan facilities for retirees of the vital oil sector.
Saba Oil, designated as the specialized arm of the retirement funds for housing and construction, will be responsible for advancing this initiative. This partnership is seen as a strategic effort to leverage external capacities to significantly boost the well-being of retirees.
Substantial Financial Support Announced
A senior official present at the ceremony provided key details on the new financial support. “As a result of these new agreements, particularly with the cooperation of the banks, the infrastructure for providing loans of 200 to 300 million tomans to retirees has been established,” he stated. He expressed hope that the implementation of this loan program would commence from the start of the next Iranian month, Azar.
The official emphasized that the expansion of services in areas such as cash loans, housing, and other welfare facilities like tourism, will lead to a marked improvement in the living standards of oil industry retirees.
Broader Commitment to Retiree Welfare
Further underscoring the government’s focus on this segment of the population, the official announced additional measures. A new special payment will be added to the calendar for the “Day of Honoring Retirees.” He also confirmed that the issue of standardizing payments for single and married retirees, which had been a point of discussion, is under review. Furthermore, arrangements for interim pension payments to survivors of deceased retirees are also on the agenda.
The head of the Retirement Funds’ Board of Trustees assured that the executive details of all these services will be announced in due course, reinforcing that these combined actions are designed to improve services and deliver greater welfare to the valued retiree community.