Iran Launches “Beta Plan” to Boost Retirees’ Purchasing Power
In a significant move to enhance social welfare, a new financial support initiative, dubbed the “Beta Plan,” has been officially inaugurated for the nation’s retiree community. The scheme, a result of collaboration between the High Council of Retirees and the Bank Refah Kargaran, aims to directly address living standards by facilitating easier access to essential goods.
A New Credit Facility for Retirees
The Beta Plan was formally established last week following the signing of a memorandum of understanding between Mohammad Asadi, head of the High Council, and Esmail Lalgani, CEO of Bank Refah Kargaran. The core of the plan involves providing a specialized credit card to retirees, enabling them to make purchases at a network of contracted chain stores, with a particular focus on home appliances.
As defined by the implementing bodies, the Beta Plan is a new livelihood scheme designed to streamline the purchasing process for retirees. Its primary objectives are to increase their purchasing power and create easier payment conditions. With this card, retirees can make credit-based purchases and repay the amount in installments through their bank card. This initiative is presented as a part of modern welfare services to support the livelihood of this segment of the population.
Operational Framework and Initial Details
While comprehensive official details are still forthcoming, information from one of the contracted partner stores indicates that the credit ceiling for the facility has been set at under 100 million Tomans. Eligible retirees from the Social Security Organization can reportedly register and, following a credit assessment, utilize this credit for purchases—primarily home goods—without the need for a check or a guarantor, repaying the amount over 30 installments.
Preliminary eligibility criteria circulating on information portals include receiving a pension or salary from Bank Refah, being between the ages of 18 and 77, and having a clear banking record without bounced checks or outstanding debts.
Voices from the Retiree Community
The announcement of the plan has been met with a mix of anticipation and pragmatic concern from retiree representatives, who are calling for careful consideration of their actual financial capacity.
Maliha Nasrollahi Azad, a board member of the Gilan Province Retirees Association, acknowledged that such credit schemes are not inherently problematic. However, she highlighted a critical issue: “The majority of our retirees are minimum-wage earners, receiving about 14 million Tomans. With this low level of income, they do not even have the ability for credit purchases and installments for home appliances for their children’s dowries.” She expressed concern that high monthly installments could consume more than half of a retiree’s pension, creating an unsustainable financial burden.
Echoing these concerns, Ali Dehghankia, head of the Tehran Social Security Retirees Association, emphasized the need for realistic planning. “We expect more logical conditions to be implemented for benefiting from this plan, considering the livelihood status of retirees,” he stated. He noted that in designing the plan’s details, the financial capacity of the target community must be accurately considered, suggesting that even proposed higher credit ceilings could lead to repayment periods that are challenging for many.
Both representatives confirmed that retiree associations have been invited to participate in the implementation process to ensure the plan is responsive to the community’s needs, though they await the publication of its full and final details. The Beta Plan represents a continued focus on social support, with its ultimate success hinging on its alignment with the real-world economic circumstances of Iran’s retired population.
