Iran prepares sponsorship plan for retired civil servants

Business Materials 20 February 2020 16:34 (UTC +04:00)
Iran prepares sponsorship plan for retired civil servants

TEHRAN, Iran, Feb.20


Iran's Civil Servants Pension Organization has signed sponsorship plan with Saderat Bank and Refah Chain Stores Co, said the head of veteran labor association.

Hassan Sadeghi has discussed the new agreement in an interview with Trend.

"The signatory organizations would offer 10.2 million rials (about $285) advances for buying goods to retired civil servants with average pension of 10.2 million rials," Sadeghi said.

The plan aims to increase the purchasing power of retired workers and improve their living conditions. The bank advances are only applied to purchases from Refah stores.

The first batch of loan without payment are to be provided in February 2020, while the second and third amounts will be paid in August, so that the total loan will reach 30.6 million rials (about $857) for each individual.

"The average salary of civil servants is 20.8 million rials (about $667), while the salary of military officers is 30.2 million rials (about $761), and the average salary of workers equals 20.2 million rials (about $523)," the head of veteran labor association added.

"Implementation of sponsorship plan and similar projects would improve people's well-being. Moreover, this plan can also support working class to help them improve their livelihood during hard economic situation," he said.