Title: Iranian Oil Sector Retirees to Receive October Pension with Three Supplemental Payments
In a significant financial development, retirees from Iran’s oil industry are set to receive their October pension along with three additional supplemental payments. This move is part of the government’s ongoing policy to enhance the welfare of pensioners.
A Trio of Supplemental Payments
According to the official payment schedule for the current Iranian year (1404), the pension disbursement for the month of Mehr (October) will be augmented with funds allocated for three specific occasions: the birthday of Prophet Muhammad, the reopening of schools and universities, and a special day for government employees.
The New Pension Adjustment Formula
This payment aligns with the rollout of a newly revised pension adjustment formula for the year. The formula, a product of extensive expert review, is designed to establish wage justice and reduce the income gap between retirees and their currently employed counterparts.
The key components of the new calculation include:
- The average salary of an equivalent active employee over the last two years.
- The retiree’s service history percentage.
- An annual adjustment coefficient.
- Continuous pension benefits.
The overarching goal of this individualized calculation method is to determine a fair pension that reflects each retiree’s service conditions, bringing it closer to the earnings of equivalent active staff without reducing anyone’s current benefits.
Comprehensive Coverage for Retirees
The new adjustment formula encompasses all pensioners and beneficiaries covered by the oil industry’s retirement funds. This includes:
- Official retirees of the Ministry of Petroleum.
- Retirees from the National Oil, Gas, Refining, Distribution, and Petrochemical Industries companies.
- Eligible survivors (spouses and dependent children of deceased pensioners).
- Those with full or partial disabilities covered by oil industry employment laws.
Adjustment coefficients will be determined for each group based on the type of retirement and service conditions.
Implementation Timeline
The official implementation of this new plan begins in Mehr (October). The new payment rates will be reflected in pension slips from Aban (November), with the arrears for the first two months (Mehr and Aban) paid in Azar (December). The new digital decrees will be published on the pension fund’s online portal, allowing retirees to review the calculation details and register any inquiries.