Economy, Business And Markets

Steel Pension Fund Merger With SSO Next Year

Steel Pension Fund Merger With SSO  Next YearSteel Pension Fund Merger With SSO  Next Year

The financially embattled Iran Steel Pension Fund plans to merge with the Social Security Organization, a parliamentarian said. Aboulfazl Hassanbeygi added that the merger is expected to take place in the next fiscal year (starting March 21, 2018). The fund is currently grappling with outstanding debts exceeding 30 trillion rials ($714.2 million). With the merger, the government is looking to clear the debt to the social security fund in three years. SSO is the largest pension fund in Iran that pays up to 50 trillion rials ($1.19 billion) in pensions every month. The rising number of retirees and faltering returns from its investments, however, are pressuring the organization and have compelled it to sell its assets to keep up with the surging pension payout, Mehr News Agency reported.

Add new comment

Read our comment policy before posting your viewpoints