Eobi Pension Amount To Be Raised To Rs 10000 By Year-end
EOBI Employees Old Age Employees Old Age Benefit Institute(EOBI) is a pension, old age benefits, and social security institute of Pakistan. 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 half is paid by the government of Pakistan. 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 the employer, employee, and the government in profitable projects and provides pensions to the employees from the profit.
EOBI, Pension Increased To 10000
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 has been 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.
A survivor pension is provided to the nominees of the insured person in case of the death of the insured person. We provide EOBI survivor pensions to parents and widows as per Islamic teachings. Parents of unmarried insured persons are provided by EOBI Pension for five years.
This pension is paid in case the insured person, Becomes disabled for any reason.
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 about the amount via SMS. After that, you can Withdrawal the amount to any Bank Al Falah ATM
National Assembly Pension Increase Notice 2024
The Government of Pakistan has issued a notification to 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
The old age center has now been established by the government of Pakistan. 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