Iranian Retirees to Receive Final Pension Arrears as Government Fulfills Financial Commitment
In a significant move to address pension obligations, the Iranian Social Security Organization has announced the commencement of the final phase of pension arrears payments. This development follows a major governmental decision to settle a substantial portion of its debts to the social security fund.
Final Payment Phase Begins
Starting Monday, October 13, 2024, the process of depositing the overdue annual adjustment and salary increases from March 2024 has begun for retirees and pensioners whose monthly income exceeds 20 million tomans. These payments are being transferred to the accounts of eligible individuals according to an alphabetical schedule, marking the conclusion of the March 2024 arrears distribution.
A Strategic Financial Resolution
The disbursement follows a recent resolution by the Supreme Council for Economic Coordination of the Heads of Branches of Power. The council approved a plan for the government to pay 185 trillion tomans of its debt to the Social Security Organization. This allocation comprises:
- 70 trillion tomans in Islamic financial bonds.
- 115 trillion tomans in government shares and assets.
The process of liquidating these bonds and assets to provide the necessary liquidity for the arrears payments was a complex undertaking, which contributed to a multi-month delay in the disbursement schedule. This strategic allocation of resources underscores the government’s commitment to supporting the social security system and its beneficiaries.
Phased Implementation Ensures Orderly Distribution
The payment of the overdue funds has been executed in a systematic, phased manner to ensure an orderly and efficient process:
- First Phase: Initiated on September 3, targeting retirees with incomes up to 20 million tomans, including those receiving disability pensions.
- Second Phase: Carried out concurrently with the payment of September pensions for survivors of deceased pensioners.
- Third and Final Phase: Beginning October 13, encompassing all remaining retirees and pensioners eligible for the March arrears.
Payments are being processed gradually and systematically, based on the beneficiaries’ last names and their respective banks, to ensure all eligible individuals receive their dues in the shortest possible time.
Upcoming October Pension Payment
In a separate announcement, the state pension fund has confirmed that the regular October pension for state retirees will be deposited into accounts on October 20, with all transfers expected to be completed within a 24-hour period.