The number of years of service required for EOBI depends on the type of pension you are applying for. Old-Age Pension: You must have completed at least 15 years of insurable employment to be eligible for an Old-Age Pension. The retirement age for men is 60, and for women, it is 55.
Invalidity Pension: You must have completed at least 15 years of insurable employment to be eligible for an Invalidity Pension.
However, if you do not have 15 years of insurable employment, you may still be eligible if you have at least 5 years of insurable employment to your credit and not less than 3 years during the 5 years proceeding immediately to your sustainability of invalidity.
Survivor's Pension: You may be eligible for a Survivor's Pension if your spouse or child died while they were insured under the EOBI scheme. The eligibility criteria for a Survivor’s Pension depend on the age of the deceased and the number of years of insurable employment they had completed.
How Much Service
Required For EOBI Pension?
As of 2023, the following number of years of service is required for an EOBI pension:
Old-Age Pension: 15 years of insurable employment.
Invalidity Pension: 15 years of insurable employment, or 5 years of insurable employment with at least 3 years during the 5 years preceding immediately to your sustainability of invalidity.
Survivor's Pension: The eligibility criteria for a Survivor's Pension depends on the age of the deceased and the number of years of insurable employment they had completed.
In addition to the number of years of service, you must also have paid your EOBI contributions regularly in order to be eligible for a pension.
EOBI Pension
Eligibility Requirements:
The retirement age for men is 60, and for women, it is 55. Insurable employment is defined as employment in an industrial or commercial organization where the EOBI Act is applicable.
The minimum wages for the purpose of EOBI are the minimum wages prescribed by the government from time to time. The EOBI contributions are payable by the employer and the employee. The employer's contribution is 5% of the minimum wage, and the employee's contribution is 1% of the minimum wage.
What is The EOBI
Pension For Private Employees?
The following are the factors that determine the amount of EOBI pension eligibility for private employees. Number of years of insurable employment: The longer the period of insurable employment, the higher the pension.
Average monthly wages: The higher the average monthly wages, the higher the pension. Age at retirement: The older the age at retirement, the higher the pension. In addition to the basic pension, EOBI also provides a number of other benefits, such as a lump sum death benefit, a survivor's pension, and a disability pension.
To claim an EOBI pension, you must submit an application to the EOBI office in your area. You will need to provide proof of your employment, your insurable employment, and your average monthly wages. You will also need to provide a medical certificate if you are applying for a disability pension.
The EOBI pension is a valuable benefit for private employees in Pakistan. It provides a secure source of income for retirees and their families. If you are a private employee in Pakistan, you should make sure that you are paying your EOBI contributions regularly so that you can be eligible for a pension when you retire.
What is the EOBI
Pension Rules?
Eligibility: To be eligible for an EOBI pension, you must have completed at least 15 years of insurable employment. The retirement age for men is 60, and for women, it is 55.
Calculation: The amount of your EOBI pension will be
calculated based on the following factors:
- The number of years of insurable employment
- Your average monthly wages
- Your age at retirement
Benefits: In addition to the basic pension, EOBI also
provides a number of other benefits, such as a lump sum death benefit, a
survivor's pension, and a disability pension.
The EOBI pension rule is a valuable benefit for private employees in Pakistan. It provides a secure source of income for retirees and their families. If you are a private employee in Pakistan, you should make sure that you are paying your EOBI contributions regularly so that you can be eligible for a pension when you retire.
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