What is The EOBI Law in Pakistan?

The Employees' Old-Age Benefits Act, 1976 (EOBI Act) is a law in Pakistan that provides social security benefits to employees in the private sector. It is administered by the Employees' Old-Age Benefits Institution (EOBI).

What is The EOBI Law in Pakistan?

The EOBI Act applies to all industries and establishments in Pakistan where five or more persons are employed. However, there are some exemptions, such as small businesses with five to nine employees and certain types of government employees.

Employees who are covered by the EOBI Act are required to contribute a percentage of their wages to the EOBI fund. Employers are also required to contribute a matching amount.

Employees who have contributed to the EOBI fund for a certain period of time are eligible for a variety of benefits, including:

Old-Age Pension: Employees who retire at the age of 60 (men) or 55 (women) are eligible for an old-age pension.

Survivor Pension: In the event of the death of an insured employee, their spouse and children are eligible for a survivor pension.

Invalidity Pension: Employees who become permanently disabled are eligible for an invalidity pension. Estate pension: In the event of the death of an insured employee who is not survived by a spouse or children, their parents may be eligible for an estate pension.

Old-Age Grant: Employees who are not eligible for an old-age pension may be eligible for an old-age grant if they have contributed to the EOBI fund for a certain period of time.

To claim EOBI benefits, employees must submit an application to the EOBI office. The application must be accompanied by supporting documentation, such as a copy of their national identity card and proof of employment.

The EOBI Act is an important piece of legislation that provides social security benefits to millions of Pakistani workers. It helps to ensure that workers have a financial safety net in place when they retire, become disabled, or die.

Amendments to the EOBI Act:

In 2021, the government of Pakistan amended the EOBI Act to exempt micro and small businesses with 5-9 employees from mandatory registration. However, these businesses can still register with EOBI on an optional basis.

The government also amended the EOBI Act to increase the retirement age for miners from 55 to 60, in line with the retirement age for other workers.

The EOBI Act is a dynamic law that is regularly updated to reflect the changing needs of the Pakistani workforce.

What is The Percentage of EOBI Salary?

The percentage of EOBI salary in Pakistan is 5% for employers and 1% for employees. This means that employers are required to contribute 5% of their employee's minimum wage to the EOBI fund, and employees are required to contribute 1% of their minimum wage.

What is the NTN Number for EOBI?

The NTN number for EOBI is 9015801. This is a free tax number that is assigned to EOBI by the Federal Board of Revenue (FBR).

The NTN number is used to identify EOBI for tax purposes. It is also used to file tax returns and to pay taxes. Employers who are registered with EOBI are required to quote the EOBI NTN number on all invoices and other tax-related documents. Employees who are claiming EOBI benefits may also be required to provide the EOBI NTN number.

Frequently Ask Questions:

What is the EOBI Law in Pakistan?

Who is Eligible for EOBI Benefits?

Employees who are covered by the EOBI Act are eligible for a variety of benefits, including old-age pension, survivor pension, invalidity pension, and estate pension. To be eligible for EOBI benefits, employees must have contributed to the EOBI fund for a certain period of time.

How Do I Claim EOBI Benefits?