EOBI Act of 1976 was established with the aim of fulfilling the objective outlined in Article C of the Constitution. This legislation enforces mandatory social insurance to provide benefits to insured individuals and their dependents.
The Employees Old Age Benefits Institution (EOBI) identifies individuals registered with EOBI who have attained the specified ages of 60 years for male employees and 55 years for female employees but have not yet commenced receiving a pension. These individuals are encouraged to establish contact with the institution.
An advertisement notifies these individuals that the complete list of potential pension recipients is accessible on the EOB website. All insured individuals can verify their details by using their CNIC or EOBI registration number through the provided link for information on the website.
EOBI – Positive Update for Private Employees Aged 60: Receive a Monthly Pension of Rs. 10,000
EOBI’s Recent Budget Update
Within the EOB framework, insured individuals are eligible for several benefits, including old age pension, pension in case of invalidity, and an old age grant for permanent disability. If an insured individual meets the retirement age criteria but does not qualify for a pension, they may still receive survivor’s pension benefits upon reaching the minimum threshold.
Additionally, individuals can also register for the Benazir Income Support Program and receive 9000 rupees.
In the upcoming fiscal year’s federal budget, the government has raised the monthly pension for the Employees Old Age Benefit Institute (EOBI) from the current 8500 rupees to 10,000 rupees. Given the existing economic circumstances and financial constraints, further increases in the pension amount are not feasible. Presently, EOBI disburses 4 billion rupees to 430,000 eligible pensioners.
EOBI’s Deputy Director General, Dr. Javed Shaikh, mentioned that EOBI had been set a target of 33.5 billion rupees for the ongoing financial year, but by June, its share had exceeded this mark, reaching 36 billion rupees. An additional four billion rupees is anticipated.
According to an EOBI official, 90 percent of the pension cases within the institution have been resolved, with a sum of four billion rupees distributed to four lakh individuals.
EOBI pensioners are now relieved from the need to wait in long lines for hours. Bank Al Falah has issued cards for them, enabling monthly access to their funds through ATMs.