Iran's Social Security Organization is facing a major funding shortfall that is preventing it from fully covering pension payments, according to its chief executive, Mostafa Salari.
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Iran's Social Security Organization is facing a major funding shortfall that is preventing it from fully covering pension payments, according to its chief executive, Mostafa Salari.
"Even if we collect all existing insurance premiums in the best possible way, we will still face a monthly deficit of at least 17 trillion tomans (about $91 million) for pension payments," Salari said.
He also stated that the organization owes the Central Bank of Iran 75 trillion tomans (about $40 million).
It is worth noting that for more than three years, Iranian pensioners have held weekly protests in various cities across the country over delayed and unpaid pension benefits.
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Iran lacks funds to pay pensions, says Social Security chief