New ‘Welfare Card’ Initiative Launched to Support Iranian Workers and Retirees
A significant new financial support initiative, the ‘Welfare Card,’ has been unveiled in a collaborative effort between the High Council of Iranian Trade Unions and the Bank of Workers’ Welfare. Designed to provide a substantial boost to the purchasing power of workers and retirees, the program offers a specialized credit tool to facilitate the acquisition of essential goods.
A Strategic Partnership for Economic Empowerment
The memorandum of understanding for this program was signed with the strategic goal of enhancing synergy and creating the necessary infrastructure for capital circulation. Somayeh Golpour, Head of the High Council of Iranian Trade Unions, emphasized that the agreement is aimed at developing mutual cooperation and elevating the interactions between the labor community and the Bank of Workers’ Welfare.
Key Features of the Welfare Card
The Welfare Card, a first-of-its-kind instrument designed by the Bank of Workers’ Welfare in cooperation with the Central Bank, is linked to capital market securities. It serves as a dedicated credit facility to support households and domestic production.
Key program details include:
- Loan Ceiling: Up to 500 million Tomans.
- Agreement Duration: Valid until the end of Shahrivar 1405 (late August 2026), with the possibility of extension upon mutual agreement.
- Primary Objective: To support workers and retirees in purchasing essential commodities.
- Loan Disbursement: The specific credit amount for each applicant will be determined based on their credit ceiling and the bank’s own credit capacity and assessment.
Eligibility and Access
To obtain the Welfare Card, workers must present an introduction letter from the High Council of Iranian Trade Unions at any branch of the Bank of Workers’ Welfare across the country. The card will be exclusively usable for purchasing essential goods from designated stores, ensuring the credit is directed towards its intended purpose.
Expanding Services in Line with National Directives
A pivotal aspect of this new agreement is the expansion of the Welfare Card’s availability. Previously accessible primarily to the retiree community, the card is now available to the active workforce. This expansion aligns with the emphasis placed on increasing workers’ purchasing power, a key national priority.
Positive Impact and Future Cooperation
Ms. Golpour expressed strong optimism that the issuance of this card will help alleviate economic difficulties for workers and responsively address their livelihood needs to an acceptable degree. She highlighted that repayment involves only bank fees and charges, presenting a viable solution for workers facing economic challenges.
In conclusion, the Head of the High Council reaffirmed the necessity for concerted efforts by all relevant institutions to resolve the livelihood concerns of the working class. She stated that the Council, as one of the principal and most standard labor organizations in the country, stands ready to cooperate with any entity to improve the welfare of workers under the current circumstances.