Title: Pension Disbursement Schedule Announced for September, Highlights Ongoing Reform Efforts
In a coordinated effort to ensure the timely delivery of benefits, Iran’s major pension funds have released the schedule for this month’s payments to retirees, alongside details on the continued implementation of a significant pension adjustment law.
Key Payment Dates for Retirees
Retirees under different pension funds will receive their September benefits according to a staggered timeline:
- National Iranian Oil Company (NIOC) Pension Fund: Payments will be deposited for its retirees on Saturday, September 22.
- Civil Servants Pension Organization: Retirees will receive their pensions on September 30.
- Military Pension Fund: Disbursement is set for September 31.
- Social Security Organization (SSO): In line with a change implemented earlier this year, SSO pension payments are now processed in the final three days of each month. Therefore, September benefits will be deposited on September 29, 30, and 31.
This schedule ensures that all retirees will receive their monthly pensions between September 22 and 31.
Implementation of Pension Adjustment Law Progresses
A central focus of the announcement is the ongoing execution of the pension adjustment law, a multi-year initiative designed to enhance the financial well-being of retirees. For NIOC pensioners, 70% of the calculated amount under this year’s adjustment will be included with their September payment. The remaining 30% is scheduled for payment from the beginning of the next Iranian year (2025).
A senior SSO official highlighted the scale of this national effort, noting that over 3200 billion tomans have been allocated for pension adjustments in the current year. An additional 2200 billion tomans has been designated to cover increased adjustments from the previous year, bringing the estimated monthly cost of the program to approximately 5500 billion tomans.
The adjustment process, which began in November 2023, has so far been implemented for over 4.7 million individuals. The law mandates a three-year phased approach, with increases of 40% in the first year and 30% in each of the following two years, aiming to compensate for 90% of the reduction in the pension coefficient relative to the minimum wage.
Government Endorsement and Future Commitments
The policy framework for these increases was formally endorsed by the Iranian government. A cabinet decree regarding the “increase of all retirement, disability, and survivor pensions established under the Social Security Law by the end of 2023” was officially communicated by the First Vice President on September 17, 2024.
The responsible authority at the Social Security Organization emphasized that the increased expenditures resulting from this vital plan necessitate the provision of stable financial resources to ensure the continuation of the adjustment process, underscoring a commitment to its successful long-term implementation.
