Back-breaking price hike in the country has made survival difficult even for the middle class, let alone small-earning pensioners. And among them, those depending on the EOBI pension, which is just Rs10,000 per month, are among the worst sufferers. There has been no raise in the EOBI pension since July 2023, despite the rise and rise in the prices of essential items as well as power and gas tariffs.
Currently, EOBI is collecting contributions at the revised rate of Rs2,220 per insured person. In addition, EOBI’s investment income has also increased to billions of rupees. Based on these returns, the government must increase the EOBI pension. As per calculations, if the pension amount is increased by Rs3,700, it would not place any additional burden on the EOBI.
It is also important to highlight here that the matching grant, which has been suspended since 1995, should also be reinstated. The revival of this grant would strengthen EOBI’s financial position and enable a sustainable increase in pension. The government should also issue health cards to EOBI pensioners to enable elderly citizens across the country to get proper healthcare.
The pensioners of EOBI have spent their lives contributing to national development. Having grown old now, they seek to live their remaining years with dignity and comfort. It is hoped that their concerns will be addressed in the coming budget. That would demonstrate government’s commitment to serving senior citizens in line with the spirit of a welfare state.
Azfar Shamim
Chairman EPWA, Karachi
