Rise in rate by 20pc benefits 388,684 pensioners

KARACHI: The recent increase of 20 percent is benefiting about 388,684 pensioners of Employees Old-Age Benefit Institution (EOBI), said a statement on Monday.

The present government has honored its commitment of EOBI pension. Therefore, EOB Pension rate is now increased by 20 percent effective from September, 2018.

The total increase of Rs5 billion is shared by EOBI and the government which has paid its share of Rs2.4 billion to EOBI.
A total of 388,684 pensioners are benefited from this increase. The minimum pension now stands at Rs6,500/- whereas maximum pension is now Rs13,416 per month.

In order to keep the institution financially viable and to sustain the increase in EOBI pension rates the EOBI has requested to Employers Community to fulfill their legal and moral obligations for the coverage of their employees to pay EOBI contribution under current minimum wage of Rs.15,000/- i.e. an employer share of Rs.750/- per employee per month and an employee share of Rs.150/- per month.

The higher wages would result in higher Pension for registered employees.

As part of its responsibility in ease of Doing Business sprint-IV, EOBI with the co-operation of Board of Investment (BoI), Statement Bank of Pakistan and SECP has taken the initiative of On-line payment facility for its Contributors. Regd. Employers can generate payment vouchers and pay EOB Contribution by using internet banking from their offices without visiting bank branches.

For the facilitation of EOBI pensioners, EOBI has introduced Pension payments through ATMs since October 2016, Pensioners can draw their Pensions from any ATM without incurring “switch fee”. To ensure genuine payments, Pensioners are required to provide bi-annual proof of life through biometric verification.

EOBI is a pioneer Institution of the country which provides Pension through ATM Card.

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