March 09, 2018 19:08

SSO in Great Distress

SSO’s investment arm, Shasta, acquired more than 90% of its assets as a result of the previous government’s debt settlement and 70% of them are either running at losses or underperforming

Social Security Organization of Iran is in a sorry state.
The government continues to encourage the cash-strapped organization to sell off its shares owned by Social Security Investment Company (known by its Persian acronym Shasta). This is while the government’s indebtedness to SSO is hitting new lows by the day.
The organization’s resources will be channeled into the treasury as of the beginning of the new Iranian year (March 21), as determined by lawmakers last month.
One of the main criticisms leveled at Minister of Cooperatives, Labor and Social Welfare Ali Rabiei, as well as one of the articles of his looming impeachment on Sunday, is the sad state of pension funds, particularly SSO, the Persian daily Shargh reported.
Under the circumstances, the significant role of those in charge of the country’s largest pension fund is undeniable. But who is going to defend the interests of the laborers pension and welfare fund?

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