Pensions and inflation, problematic

Tuesday, October 13th, 2009

With women retiring at 55 and men at 60 with 1/35 of their final salary multiplied by the number of years they have worked, Iran’s pension system is better than many other countries. There is one problem – inflation. At present it is running at about 25% and with oil prices falling, demand for exports rising, and those possible sanctions on the horizon, there is no sign of improvement. This puts a lot of pressure on pensioners, especially as it is food prices in particular that have risen. One newspaper– Etemad – reports that lower income families have had to spend twice as much this year as last to put basic meals on the table. It would be the same for pensioners. Thankfully Iranian families put great emphasis on looking after their old, but still, the issue of pensions and inflations is not a happy one.

Pray for

  • Pensioners with financial difficulty to discover their heavenly father’s provision
  • For the church to be sensitive to the needs of the old
  • Wisdom in government to keep inflation under control