Losses of 20 Subsidiary Companies of the National Retirement Fund Amid Protests by Pensioners

As pensioners' livelihood protests continue daily in various provinces, an official from the National Retirement Fund announced on Wednesday, February 19, that about 20 subsidiary companies of this fund are operating at a loss. Hojjat Mirzaei, the CEO of the National Retirement Fund, emphasized in an interview with the government news agency ILNA that "the overall return of the subsidiary companies is low" and claimed that "structural reforms must be implemented regarding them." Mirzaei also reported that extensive studies are being conducted to reform the structure of the fund's subsidiaries and added, "A detailed study on improving the status of the National Retirement Fund's subsidiaries is underway so that structural reforms can be prioritized by the National Retirement Fund." This government official referred to the loss-making company "Pegah" and stated that "we have conducted investigations regarding the return of part of the profit for the development of subsidiaries concerning one of the groups." Pensioners have repeatedly protested in their gatherings against mismanagement and inefficiency in managing the subsidiary companies and are demanding transparency and accountability from officials in this regard. Previously, domestic media in Iran reported whispers about the merger of "empty and looted" pension funds. In this context, a pension rights activist described this action as "another disaster" for the people, which would lead to a "darker era" for pensioners. The renewed discussion of merging pension funds, which was previously proposed in the 2023 budget bill and removed from it, comes as pensioners' livelihood protests across various institutions and organizations have been ongoing for years. Additionally, in the latest report from Voice of America, telecommunications pensioners in several provinces have demanded attention to their demands with slogans like "Scream, scream, from all this injustice." In recent years, protests by workers, pensioners, teachers, nurses, and other wage earners have been expanding alongside worsening economic problems and rising living costs, and the Iranian government's security and judicial responses to these protests have yielded no results. Protests by a group of oil industry pensioners in Ahvaz included slogans like "Promises are enough; our table is empty." Telecommunications pensioners in Sanandaj also chanted, "Promises are enough; our table is empty." The military budget of the Islamic Republic will increase by 200% next year. Workers in several cities in Iran have gone on strike and gathered. Telecommunications pensioners have held protests in several cities in Iran with slogans of unity against oppression and corruption.