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| How Does EOBI Give Benefits to Us? |
The Employees' Old-Age Benefits Institution (EOBI) is a social security institution in Pakistan that provides benefits to employees in the event of old age, invalidity, or death.
Top Benefits of EOBI That You Should Know:
Old-Age Pension: This is a monthly pension paid to insured persons who have reached the age of 60 and have completed at least 15 years of insured service. The amount of pension is based on the insured person's average monthly wages and the number of years of insured service.
Survivor's Pension: This is a monthly pension paid to the dependents of an insured person
who dies before reaching the age of 60. The dependents include the spouse,
children, and parents of the insured person. The amount of pension is based on
the insured person's average monthly wages and the number of dependents.
Invalidity Pension: This is a monthly pension paid to insured persons who are permanently
disabled and unable to work. The amount of pension is based on the insured
person's average monthly wages and the degree of disability.
Maternity Benefits: This includes cash benefits and medical care for insured women during
pregnancy and childbirth.
Unemployment Allowance: This is a monthly allowance paid to insured persons
who are unemployed through no fault of their own. The allowance is paid for a
maximum of six months.
Funeral Grant:
This is a one-time grant paid to the family of an insured person who dies. The
amount of the grant is Rs. 10,000.
EOBI Provides a Number of Other Services:
Registration of employers
and employees: EOBI registers employers and employees who are eligible for its
benefits.
Collection of Contributions: EOBI collects contributions from employers and
employees.
Disbursement of benefits:
EOBI disburses benefits to eligible persons.
Investment of Funds: EOBI invests its funds in a variety of financial instruments to
generate returns.
EOBI is a valuable social
security institution that provides much-needed financial assistance to employees
in the event of old age, invalidity, or death. If you are an employee in
Pakistan, you should make sure that you are registered with EOBI and that you
are paying your contributions regularly.
Things to Keep in Mind about EOBI Benefits:
- The maximum amount of old-age pension is Rs. 10,000 per month.
- The maximum amount of a survivor's pension is Rs. 7,500 per month.
- The maximum amount of disability pension is Rs. 5,000 per month.
- The maternity benefits include a cash benefit of Rs. 10,000 and medical care of up to Rs. 50,000.
- The unemployment allowance is Rs. 1,500 per month.
- The funeral grant is Rs. 10,000.
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