Title: Welfare Bank Launches Major Financial Support Initiatives for Retirees and Employees
In a significant move to bolster the financial standing of key segments of the population, the Welfare Bank of Workers has unveiled two new loan programs: the “Welfare Hope Loan” and a “500 Million Toman Welfare Card.” These initiatives are designed to provide substantial, accessible financial support to retirees, pensioners, and employees of affiliated companies, reinforcing the nation’s social safety net.
A New Hope for Financial Empowerment
The centerpiece of the new offerings is the “Welfare Hope Loan,” which provides eligible individuals with access to funds of up to 100 million Tomans. A key feature of this loan is that it requires no guarantor, significantly simplifying the application process for beneficiaries. The scheme is strategically designed to support retirees and employees of the Social Security Organization, who can apply by submitting a pay slip or opting for direct payroll deduction.
Key Loan Details:
- Maximum Loan Amount: 100 Million Tomans
- Interest Rate for Social Security Retirees: 0%
- Interest Rate for Bank Retirees & Company Employees: 6%
- Repayment Period: 24 Months
The primary prerequisites for obtaining the loan are the bank’s occupational credit and credit scoring system, with provisions for cross-guarantees among employees in certain cases.
Expanding Horizons with the Welfare Card
Complementing the Hope Loan is the more extensive “Welfare Card,” which offers a substantial credit line of 500 million Tomans. This card carries a 5% interest rate and is also structured for repayment over a 24-month period. The repayment schedule is designed to be manageable, with installments starting at approximately 25 million Tomans and decreasing to around 12 million Tomans in the later months.
Crucially, the Welfare Card is designated for the purchase of essential and durable goods, with spending restricted to contracted vendors of the Welfare Bank that supply domestically produced products.
Strategic Economic Objectives
The launch of these financial instruments aligns with broader national economic goals. The Welfare Card initiative, in particular, is structured to achieve three core objectives:
- Supporting Domestic Production: By channeling spending towards Iranian-made goods.
- Boosting Purchasing Power: Directly enhancing the financial capacity of retiree and pensioner households.
- Ensuring Stable Liquidity: Utilizing GAM bonds for settlement to provide stable liquidity for accepting businesses.
The program will be rolled out in two phases, with the first phase extending benefits to Social Security retirees and pensioners. The second phase will subsequently include all individuals who receive their salaries through the Welfare Bank.
Together, the Welfare Hope Loan and the Welfare Card represent a concerted effort to alleviate financial pressure on households, empower retirees, and stimulate the domestic economy through strategic, state-supported financial mechanisms.