Wed. Jul 24th, 2024

Eobi Pension Amount To Be Raised To Rs 10000 By Year-end

EOBI Employees Old Age Employees Old Age Benefit Institute(EOBI) is Pakistan’s pension, old age benefits, and social security institute. This works under the control of the Ministry of Human Resource and Development of Overseas Pakistanis.

It came into existence in 1976 through the passage of the Employees Old Age Benefit Institute Act 1976 by the Parliament of Pakistan. The purpose of this law was to provide social benefits to insured persons and their survivors in old age. EOBI works on a partially funded basis. EOBI works in such a way that the employee and his employer contribute towards the EOBI pension. You can also Read:

More Information BISP Payment Release Beneficiaries To Get Rs9,000

The employer has to pay five percent of the minimum wage fixed by the government, while the employees have to pay at least one percent of their wages. This part is half of the partnership, while the government of Pakistan pays half. In this, 1500 are given per month, of which 1250 rupees are contributed by the owner and the remaining 250 rupees are contributed by the employee.

EOBI invests the money contributed by employers, employees, and the government in profitable projects and provides pensions to employees based on the profit.

EOBI Employees Old Age Benefit Institute Pension Increased

EOBI, Pension Increased To 10500

As you know, the minimum salary of EOBI was fixed at 85 hundred rupees in the budget 2020. In the federal budget 2024, the pension of EOBI was increased from 8500 rupees to 10000 rupees.

Currently, EOBI disbursements are over Rs 3,900 crore per month, but income on EOBI assets is limited to Rs 3,200 crore, a shortfall of around Rs 400 crore per month.

Benefits Of EOBI Pension

EOBI provides the following facility to the insured person or his dependents. An insured person is generally eligible for an EOBI pension on reaching the age of 60 years and completing at least fifteen years of service.

Old age pension.

This pension is provided when the insured person reaches retirement age after the maximum year of his service.

Survivors’ Pension:

In case of the insured person’s death, a survivor pension is provided to the nominees. We provide EOBI survivor pensions to parents and widows as per Islamic teachings. Parents of unmarried insured persons are provided with an EOBI Pension for five years.

Illegal pension:

This pension is paid in case the insured person Becomes disabled for any reason.

Old-age Grant:

It is given when the insured reaches retirement but does not complete the pensionable service.

EOBI Pension Wallet By Bank Al Falah

Bank Al Falah has joined hands with EOBI to streamline the process of employee contribution and pension distribution in Pakistan. Bank Al Falah has introduced a Pension Wallet for EOBI tagged on Union Pay International debit card enabled, which aims to provide monthly pensions to EOBI pensioners with ease.

EOBI pension is transferred to the pensioner’s wallet account on the 1st of every month. After the transfer, the EOBI pensioners are informed via SMS about the amount. After that, you can Withdrawal the amount to any Bank Al Falah ATM

National Assembly Pension Increase Notice 2024

The Government of Pakistan has notified the National Assembly of Pakistan regarding the increase in pension payments to the employees and officials of OHT Institutions. Minister of Law and Justice Shahadat has said that 4 lakh 135 rupees are being whitened in this program. Ayesha Pasha, who was the Minister of State for Finance, said while talking to the media

that the former were corrupt and they only took huge loans and left no part for the country to develop because of the national wealth and the rate of inflation, a large number of people are unable to buy essential commodities. The government has announced to maintain the supply chain and funds to control this

Final Words

The government of Pakistan has now established the old age center. A very good decision has been taken by Pakistan, so now elderly people don’t need to worry. Old age centers have been established now you can also get all your information if you want to register for old age. If yes then click on the below link and get old age information

By Iqra Iqbal

My Name is Iqra Iqbal. I am a dedicated professional who manages the BISP Payment Distribution and Registration Desk at the BISP office. With a focus on providing accurate and timely information, I play a crucial role in ensuring the smooth operation of payment distribution and registration processes. Her role requires meticulous attention to detail and a deep understanding of the BISP program, which provides financial assistance to deserving individuals and families. Through her work, I contribute to the welfare and well-being of those in need, positively impacting their lives. Her commitment to her role reflects her passion for helping others and her dedication to making a difference in the community."