EOBI pension may rise to Rs10,000
The SITE Association of Industry president stressed that collection targets issued by EOBI should be avoided and inspection of records should be done only once a year. photo: file
The government is expected to increase the pension from the Employees Old-Age Benefit Institution (EOBI) from the current Rs8,500 to Rs10,000 per month in the next fiscal year’s federal budget.
Sources told The Express Tribune that given the ongoing economic situation and financial constraints, the amount of pension could not be increased any further. At present, the EOBI gives R4 billion among its 430,000 registered pensioners.
EOBI Deputy Director General Dr Javed Shaikh said that for the current financial year, the EOBI was given a target of Rs33.5 billion contribution. However, its contribution had topped Rs36 billion in May, while another Rs4 billion was expected in June.
“In this way, by the end of the current fiscal [June 30, 2023], the volume of receipts in the form of EOBI contribution will increase by 30% more than the set target, Dr Shaikh told The Express Tribune.
According to the EOBI Official, 90% of the pension cases of the institution had been settled and pension payments worth more than Rs4 billion are being made to 430,000 registered pensioners. “This institution is paying a total of Rs52 billion annually.”
The institution has issues cards to all the registered pensioners. Through the EOBI card the pensioners can easily withdraw their pension amount from ATM machine and other easy money facility in any city or area in the country.