The Employees' Old-Age Benefits Institution (EOBI)
Pension was started on July 1, 1976. It is a social security scheme that
provides pension benefits to eligible employees in the private sector. The
scheme is funded by contributions from both employers and employees.
When Did EOBI Pension Start?
To be eligible for EOBI Pension, an employee must have
worked in insurable employment for at least 60 months and have attained the
age of 60 years (55 years for women and
55 years for miners who are in mining occupation for at least 10 years
immediately preceding retirement).
The amount of EOBI Pension is calculated based on the employee's average monthly wages and the number of years of insurable employment. The minimum pension is Rs. 10,000 per month.
EOBI Pension is a valuable benefit for retired employees and their families. It helps to ensure that they have a regular income after retirement.
What is the EOBI Act, of 1976?
The Employees' Old-Age Benefits Act, 1976 (EOBI Act) is a law in Pakistan that provides social security benefits to eligible employees in the private sector. The Act was enacted to provide financial security to retired employees and their families.
The EOBI Act applies to all industries and establishments in Pakistan where five or more persons are employed. The Act also applies to certain categories of self-employed persons.
Under the EOBI Act, both employers and employees are
required to contribute to the EOBI Fund. The employer's contribution is 5% of
the employee's wages, and the employee's contribution is 2.5% of wages.
What is The New
Pension Policy in Pakistan in 2023?
Increase in minimum pension: The minimum pension for all
pensioners has been increased from Rs. 10,000 to Rs. 12,000 per month.
Increase in pension for pensioners over 80 years of age:
Pensioners who are over 80 years of age will receive a 20% increase in their
pension.
Elimination of multiple pensions: Government officials in
Grades 17 and above will no longer be able to draw multiple pensions.
Calculation of pension without compounding: The ad hoc
pension allowance will be included as part of the net pension without
compounding when calculating the amount of pension.
Extension of family pension to dependents: Dependents
will be able to receive a family pension for 10 years after the death of the
pensioner and their spouse.
These changes were announced in the federal budget for
2023-24, and they came into effect on July 1, 2023.
The new pension policy is designed to improve the financial security of pensioners and their families. It is also aimed at reducing the burden of pension liabilities on the public exchequer.
Frequently Ask
Questions:
When did the EOBI
pension start?
The EOBI pension started on July 1, 1976.
What Are The
Eligibility Criteria for EOBI Pension?
A person worked in insurable employment for at least 60 months and attained the age of 60 years (55 years for women and 55 years for miners who are in mining occupation for at least 10 years immediately preceding retirement).
When is the EOBI
Pension Start Date?
The EOBI pension start date is the first day of the month following the month in which the employee attains the age of 60 years (55 years for women and 55 years for miners who are in mining occupation for at least 10 years immediately preceding retirement).
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