Settling old arrears with EOBI is a tough process; you
need to provide all original documents with original proof to satisfy the EOBI
policies and procedures. However, EOBI compliance is very clear about arrears settlement.
According to EOBI policies regarding arrears settlement, you need to do the
following steps completely.
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| What is The EOBI Arrears Settlement Procedure? |
Contact your nearest EOBI office. They will be able to
provide you with more information about your specific situation and help you to
calculate the amount of arrears that you owe.
Submit a written request for arrears settlement. This
request should include your name, contact information, and the EOBI
registration number of your organization. You should also include a calculation
of the amount of arrears that you owe, along with any supporting documentation.
Pay the full amount of arrears in one payment, or negotiate a payment plan with EOBI. If you are unable to pay the full amount of arrears in one payment, EOBI may be willing to allow you to pay in installments. However, you will likely be charged interest on the outstanding balance.
Key Tips For
Settling EOBI Arrears:
If you are having difficulty paying your arrears, you may
be eligible for a waiver or reduction. EOBI offers a number of relief schemes
for employers who are struggling to meet their financial obligations.
If you are unsure about how to calculate your arrears, or if you have any other questions about the arrears settlement process, you should contact EOBI directly. You can also contact a qualified accountant or lawyer for assistance with settling your EOBI arrears.
Frequently Ask
Questions:
What are EOBI
Arrears?
EOBI Arrears are the unpaid contributions that an employer owes to the Employees' Old-Age Benefits Institution (EOBI) on behalf of their employees. EOBI contributions are mandatory for all employers in Pakistan who have more than 10 employees.
The contributions are used to fund
social security benefits for employees, such as old-age pensions, invalidity
pensions, and survivor pensions.
What Are The
Consequences of Not Paying EOBI Arrears?
EOBI can take a number of actions against employers who
do not pay their arrears, including:
- Imposing fines and penalties
- Recovering the arrears through legal action
- Disconnecting the employer's electricity or telephone service
- Preventing the employer from participating in government contracts
How Can I Settle My
EOBI Arrears?
- To settle your EOBI arrears, you can follow these steps:
- Contact your nearest EOBI office.
- Submit a written request for arrears settlement.
- Pay the full amount of arrears in one payment, or negotiate a payment plan with EOBI.
If you are having difficulty paying your arrears, you may be eligible for a waiver or reduction. EOBI offers a number of relief schemes for employers who are struggling to meet their financial obligations.
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