EOBI Employees Increase Pension | Employees Old Age Benefits Institution 2023
EOBI stands for Employees Old Age Benefits Institution. EOB is to benefit the old age of the people of Pakistan who used to work in private jobs by giving them pensions and extending their facilities. It is also a social insurance institution.
This institution was created on 01 April 1976. This institution was created to achieve the objectives of Article 38c of the Constitution of Pakistan so that the government takes over the maintenance of those who reach old age as they are unable to work in old age.
Due to this, they face problems with employment. It adds to insuring individuals or providing old-age benefits to their dependents.
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Contributions
EOBI does not receive any financial assistance from the government to carry out welfare work. Under the EOBI Act, a minimum share of five percent of the wages shall be paid to all such trade and industrial organizations. A contribution equal to one percent of the minimum wage is made by the employees of the organizations mentioned above.
Benefits of Partnership in EOBI
This partnership provides the following benefits to the employees or their dependents:
- In this program, the employee becomes eligible to draw a pension after attaining the age of 60 years and rendering 15 years of service.
- Employees in private companies can avail of it till they retire.
- After the death of the insured person, the pension is paid to his nominated dependents. According to Shariah, old parents, and young widows are included in the pension program to support themselves. According to its rules, parents of unmarried employees continue to receive a pension for five years after the death of the employee.
- If an employee has paid EOBI for 36 months and beyond, his widow continues to get a survivor’s pension for life. If the employee has children, they are also entitled to receive a pension. If the wife remarries, her second husband does not take the responsibility of raising the children, then he also continues to give pensions to these orphans.
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Illegal Pension (Disability)
Pension is also provided to the insured paying employee if he becomes disabled.
If an employed person retires in old age, he is also given a pension if he does not fulfill the pensionable age.
An employed person is given a minimum of Rs 8500 under the pension scheme while the maximum is limited to the average earnings during employment and years of contribution to insurance.