Rewritten Title: Refah Bank Announces Major Expansion of Financial Support for Retirees and Pensioners
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In a significant move to bolster economic support, Refah Bank has unveiled a substantial expansion of its financial aid programs for retirees and pensioners across the country. This initiative, developed in close coordination with the Ministry of Cooperatives, Labour, and Social Welfare, underscores a continued commitment to social welfare and economic empowerment.
Enhanced Loan Facilities for Retirees
A key announcement is the increase in the ceiling for interest-free loans (Qard-al-Hassana) for retirees and pensioners. For the current Iranian year (1404), the maximum loan amount has been raised from 30 million to 50 million Tomans. These loans are processed through an automated system, significantly simplifying access by eliminating the need for a guarantor. Repayment is structured over a 24-month period directly from the recipient’s pension.
Driving Economic Development and Employment
The Managing Director of Refah Bank, Esmail Lalehgani, emphasized that the bank’s strategy extends beyond individual support. By financing developmental projects and providing working capital to existing production units, the bank aims to stimulate job growth, improve social security insurance collection, and enhance services for all segments covered by the Ministry.
“Developing existing production units in the provinces and financing their developmental plans can lead to employment growth, improved insurance premium collection, and enhanced services for retirees,” Lalehgani stated during a meeting in Lorestan Province.
Comprehensive Financial Tools for Broader Support
Refah Bank’s capacity to support economic actors is robust. With a supervisory capital of approximately 6 to 7 thousand billion Tomans, the bank is positioned to offer large-scale facilities for development projects. Additional financial instruments include special deposit certificates and foreign currency facilities exceeding 800 million Euros for eligible economic units.
A novel initiative involves the use of welfare cards for employees, which facilitates the purchase of goods from local producers, thereby strengthening the local economic value chain from production to consumption.
Synergy for National Progress
Highlighting the collaborative nature of these efforts, Lalehgani pointed to the synergy between various entities under the Ministry of Cooperatives, Labour, and Social Welfare, including the Cooperative Development Bank, pension funds, and the Social Security Organization. This cooperation ensures that all banking services and facilities are jointly available to economic activists, maximizing the impact of national economic capacities.
How to Apply
Eligible retirees and pensioners interested in these facilities are required to apply in person at the retirement associations in their province or city of residence. Applicants must meet specific criteria, including receiving their pension through Refah Bank, having no history of bounced checks or outstanding bank debts, and having a mobile number registered in their name.
This expansive financial package from Refah Bank represents a concrete step towards enhancing the economic well-being of retirees and fostering broader provincial development, aligning with national social and economic objectives.