Oil Sector Pensioners Receive Major Adjustment: 70% Harmonization Implemented
In a significant development for Iran’s energy sector retirees, the long-awaited pension harmonization has been successfully implemented. The Oil Industry Retirement Fund has officially confirmed that the September pension payments for retirees and their survivors have been calculated and disbursed with a 70% application of the harmonization law. The remaining differential amount from this adjustment is scheduled to be deposited into accounts within the next 48 hours.
Details of the Harmonization Implementation
The fund’s official announcement clarifies that the pension adjustment for the current month has been calculated based on a 70% application of the legally mandated harmonization formula. The remaining 30% of the adjustment stipulated by law is planned to be implemented starting from the beginning of the next Iranian calendar year (1405). Furthermore, the differential amount owed to pensioners for the previous period will be separately calculated and paid within the next two days.
This step is part of a broader governmental and legislative program designed to reduce the gap between the pensions of retirees and the salaries of active employees in equivalent positions, ensuring greater financial stability for those who have served the nation’s vital oil industry.
Payment Schedule and Process
- The standard September pension for oil industry retirees and survivors was deposited on Saturday, September 22.
- The differential payment from the harmonization adjustment for the past period is slated for a separate deposit within the next 48 hours.
- The fund has noted that minor variations in deposit times may occur due to banking procedures and inter-bank transaction processing times. Retirees who do not immediately see the adjustment in their accounts are advised to allow for standard banking processing time.
Impact and Next Steps
This partial implementation of the harmonization law is expected to have a tangible, positive impact on the purchasing power of retirees, helping to alleviate living cost pressures. The payment of the outstanding differential will also address previous delays, ensuring retirees receive their full entitled benefits.
The process is being executed in phases as per the legal framework, with the remaining 30% harmonization scheduled for the upcoming new year. Retirees are encouraged to review their detailed pay slips through the official “SAMA” system of the Oil Industry Retirement Fund to verify the changes and contact the fund directly through official channels for any inquiries, relying solely on its official announcements for accurate information.
