Historic Pension Adjustment: Social Security Retirees to Receive Major September Increase
In a significant move for social welfare, Iran’s Social Security Organization has announced an unprecedented pension increase set for September 2024 (Shahrivar 1403). This adjustment forms a key part of a multi-year plan aimed at enhancing the livelihoods of retirees.
Multi-Year Plan in Motion
According to reports, the Social Security Organization initiated this comprehensive pension adjustment plan in November 2023 (Aban 1403). To date, the program has successfully encompassed over 4.7 million retirees, marking a substantial step in its rollout.
The adjustment is structured to be implemented over a three-year period, as mandated by law. The core objective is to compensate for 90% of the gap between pension coefficients and the current minimum wage by the end of the third year. The increases are set at 40% in the first year and 30% in the second year of the plan’s execution.
Substantial Investment in Retiree Welfare
The implementation of this year’s pension adjustment represents a major financial commitment, costing the Social Security Organization approximately 5,500 billion Tomans monthly. It is important to note that the increase is not a flat amount for all beneficiaries. Instead, the adjustment is calculated individually for each retiree, based on their specific pension amount and in strict accordance with established insurance computation principles. This ensures the process is both equitable and tailored to individual circumstances.