The EOBI Pensioners Welfare Association (EPWA) has rejected the government's decision to increase their pension by Rs1,500 or 10 per cent in the federal budget for the next fiscal year.
In a statement issued by the EPWA, General Secretary Alamdar Hussain said that the government increased their pension from Rs8,500 to Rs10,000 in the budget.
More than 500,000 pensioners in Pakistan reject the Rs1,500 increase after three-and-a-half years from their own accumulated capital, he said.
It has been said in the declaration that in this most difficult period of inflation, Rs10,000 cannot even cover one day's bread. It wondered how the amount could be sufficient for a whole month.
The association demanded of the government that the minimum pension amount should be increased to Rs25,000 per month.
According to the 1976 Act, the government is obliged to deposit the matching grant (equivalent fund) with the EOBI.
“The EOBI pensioners, who are builders of the country, who have worked in institutions for 40 years of their lives, are not able to do any work. These weak pensioners were considered helpless that they could not do anything,” the statement read.
“In 1995, the government stopped this matching grant. Today, it has been 28 years that this grant has not been restored and the institution is still the richest institution in the country with its own capital of Rs500 billion.”
The declaration stated that this institution is bearing its own burden and if this matching grant is restored, the pension of these pensioners may increase by Rs30,000 in line with the inflation.
The general secretary appealed to Prime Minister Shehbaz Sharif, former president Asif Ali Zardari, Foreign Minister Bilawal Bhutto-Zardari and Federal Minister for Overseas Pakistanis and Human Resource Development Sajid Khan Turi to restore this grant and save the pensions from economic murder.
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