EOBI’s efforts to facilitate pensioners

ISLAMABAD: This is with reference to Shamim Sagher’s letter “Plight of pensioners” (April 13) regarding the amount of pension paid by the Employees’ Old-Age Benefit Institution (EOBI) and the issue regarding depositing pensions directly in the pensioners’ accounts.

The EOBI pays pensions to over 400,000 workers by generating income from investments in government securities, equities and real estate. Pensioners are paid from a fund that includes contributions made by the employers, employees and the return on investment. Any increase in pensions can only be made by taking into consideration the long-term viability of the fund and the views of the actuaries. In the light of the 2010 labour policy, the matter regarding increase in pensions to EOBI pensioners is under consideration by the government. As soon as a decision is arrived at, we shall be pleased to notify the same.

It should be noted that the EOBI has increased the number of employees and employers registered with it, has collected record contributions of Rs9.5 billion during 2010-11 and completed various mega projects. The EOBI has also started an online facilitation system for employers, established regional offices in remote areas, formed a free helpline for stakeholders, and enabled payment of pensions at the pensioners’ doorsteps through the Easy Paisa and Tameer Microfinance Bank outlets across the country, which has made it possible for the pensioners to receive their pensions quickly and easily.

Qamar Riaz

Media Adviser

Employees Old-Age Benefits Institution

Published in The Express Tribune, April 18^th, 2012.