Iran plans to significantly raise pensions to balance rising prices and high inflation, DPA reported on Thursday, citing Agerpres.

According to the website Entekhab, pensions will increase by 38%. According to the Social Security Association, the changes will take effect at the end of August. Currently, most retirees have pensions of several hundred dollars, with which they barely survive in the cities.

Thousands of pensioners, who suffer from the economic crisis, protested in recent months for higher pensions and support from the state in the conditions of galloping inflation.

Iran is currently in the midst of a serious economic crisis, and prices have skyrocketed in recent months. The value of the national currency, the Iranian rial, has fallen by more than 50% in the recent period.

However, there are cautious hopes that the revival of the 2015 nuclear deal could mean the lifting of sanctions against Iran, which would significantly ease the economic crisis.

The nuclear deal, aimed at preventing Tehran from developing nuclear weapons, originally came into force in 2015. In 2018, during the presidency of Donald Trump, the United States unilaterally decided to withdraw from the agreement.

In recent months, representatives of the United States and Iran, as well as other countries, have tried to restore the agreement in a diplomatic tour.

The potential deal would lead to the lifting of US sanctions and the reinstatement of restrictions on Tehran’s nuclear program set out in the 2015 deal.