SSO Benefits

SSO BenefitsSSO Benefits

The Social Security Organization (SSO) has paid 70% benefits towards long-term ‘obligations’ (retirement plans), 25% towards medical services and 5% sundries in the last fiscal year (March 21, 2013-March 20, 2014).

Addressing members of employers associations, trade unions and chambers of commerce, the organization’s economics and planning deputy Nejat Amini said the SSO actively participates in “profitable investments in the areas of economy and commerce to maintain the value of its reserves, finance its long-term liabilities and protect the income resources of the organization,” ILNA reported.

However, the SSO’s investments are different from that of other financial institutions “in that they should keep in mind the values and time frame of their future liabilities” before starting any investment activities, said Amini. He added that the SSO’s major investments are in the Social Security Investment Company (SSIC), Refah Kargaran (workers welfare) Bank and the real estate companies wherein the SSO acts as coordinator and decision maker to improve the affiliated companies and boost their profitability.

The SSO makes use of national and international credits and common funds with the International Social Security Association (ISSA) to secure financing for its investment projects; therefore, the SSO “must be very selective while choosing the companies and projects to avoid investing in high-risk projects and companies,” Amini pointed out.  

He also said “the SSO had carried out some modifications in the financial and management structures of the companies, which were handed over  by government to enhance their profitability.”