Thu. Apr 18th, 2024
E.O.B.I Employees’ Old-Age Benefits Institution

E.O.B.I Employees’ Old-Age Benefits Institution

Old-Age Benefits Institution The EOB Act was enacted on 1st April 1976 to fulfill the objective of Article C 38 of the Act by providing social insurance. It extends the benefits to the insured persons or their survivors. It is important to note that EOB does not receive any financial assistance from the government to function. A contribution of at least 5% of wages is required from the wages of all industrial and commercial organizations where EOB is applicable. Further, the employees of the above-mentioned organizations are required to pay at least 1% of their salary.

The retirement age for men is 60 years while for women it is 55 years. Who has been in the mining industry for at least 10 years before retirement? Old age pension cannot be given for more than six months.

EOBI is an institution for old age benefits and social insurance. Which works under the control of the Ministry of Development of Overseas Pakistanis and Human Issues. It is a government agency of Pakistan, which came into existence in 1976 after the approval of the EOBI Act 1976 by the Parliament. Naheeda Shah Durrani is the chairperson of Old EOBI of Employees.

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Half of the total contribution comes from the joint contributions of employers and employees. While the government of Pakistan gives the remaining half. However, the government of Pakistan did not contribute to this scheme after 1995. So far EOB contribution is Rs.1920 per month for each employee. 1600 rupees with the employer’s contribution and 320 rupees by the employee.

Eligibility Criteria For E.O.B.I Pension

If you don’t know what is the eligibility criteria to be an EOBI-insured person then we will provide you with all the information in this article providing complete guidance to all the applicants for pension scheme registration.

  • To be eligible for the EOBI scheme, an employee must work in a private company with at least five employees.
  • Both male and female employees can be eligible under the scheme.
  • The age limit for male employees is less than 60 years and for women less than 55 years.
  • To be eligible for insurance coverage, employees must have a minimum service record of 15 years in EOBI.

کل شراکت کا نصف آجروں اور ملازمین کے مشترکہ تعاون سے آتا ہے۔ جبکہ باقی آدھا حکومت پاکستان دیتی ہے۔ تاہم، حکومت پاکستان نے 1995 کے بعد اس اسکیم میں حصہ نہیں ڈالا۔ اب تک ہر ملازم کے لیے EOB کا حصہ 1920 روپے ماہانہ ہے۔ آجر کے تعاون کے ساتھ 1600 روپے اور ملازم کی طرف سے 320 روپے۔

اگر آپ نہیں جانتے کہ EOBI سے بیمہ شدہ فرد بننے کے لیے اہلیت کا معیار کیا ہے تو ہم آپ کو اس مضمون میں تمام معلومات فراہم کریں گے جو پنشن سکیم کے اندراج کے لیے تمام درخواست دہندگان کو مکمل رہنمائی فراہم کرے گا۔

EOBI اسکیم کے لیے اہل ہونے کے لیے، ایک ملازم کو کم از کم پانچ ملازمین کے ساتھ ایک نجی کمپنی میں کام کرنا چاہیے۔

اسکیم کے تحت مرد اور خواتین ملازمین دونوں اہل ہوسکتے ہیں۔

مرد ملازمین کے لیے عمر کی حد 60 سال سے کم اور خواتین کے لیے 55 سال سے کم ہے۔

انشورنس کوریج کے لیے اہل ہونے کے لیے، ملازمین کا EOBI میں کم از کم 15 سال کا سروس ریکارڈ ہونا چاہیے۔

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Benefits Of EOBI

The Old Age Beneficial Institution provides the following benefits to the survivors of BEOI. An insured person generally becomes eligible for pension up to the age of 60 years and after completing 15 years of insured service.

  • This pension is given to those people who have retired from their work.
  • In case of the death of the retired employee, his nominated survivors are entitled to get a pension. According to Islamic teachings, this scheme includes elderly parents, orphans, and young widows. As per EOBI regulations, parents of unmarried employees get a pension for up to five years if the employee dies. If an employee dies after completing 36 months of insured service with EOBI, his widow gets a regular lifetime pension. Children of the deceased insured person are also eligible for pension from EOBI, even if the widow of the insured employee remarries. This is because the stepfather of the children cannot take responsibility for them.
  • Non-statutory pension is provided to insured persons who become disabled.
  • Old age grants are given to those who have reached the age of retirement but are unable to fulfill the minimum pension requirement.

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E.O.B.I pension increase

The good news for all wage earners from Employees Old Age Benefits Institution is that in January 2024, the pension is being increased from 8500 to 10 thousand per month. If you are also an E.O.B.I (Employees’ Old-Age Benefits Institution) -insured employee, you can check your pension amount on the organization’s website. Employees Old Age Benefits Institution provides pensions to those who have reached old age or who have retired. The pension of 2024 has been transferred to the bank accounts in January.

F.A.Q.S

How much contribution does the government give to EOBI?

The government of Pakistan gives half of the contribution to employees in this scheme.

How much has the pension of EOB beneficiaries increased in 2024?

Under this scheme, the pension of employees has been increased to 10,000 per month in 2024.

What is the age limit for women and men in this scheme?

In this scheme, the age of women is less than 55 years and the age of men is less than 60 years.