The Employees’ Old-Age Benefits Institution (EOBI) is the pension, old age benefits and social It came into formation in , through the passage of the Employees’ Old-Age Benefits Institution Act of by the Parliament of Pakistan , As per EOBI rules, parents of the unmarried employee gets pension for 5 years in. This presentation is about the EOBI Act as applicable in Pakistan. A part of labour laws. Law deals about old age benefits and invalidity. Employees’ Old-Age Benefits Act, Applicable by Notification 1(4)(ii). Federal Govt. may apply EOBI Act to any establishment (even with less than 5.
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Employees Old-Age Benefits Institution – Wikipedia
EOBI operates on the partially funded basis. The insured person as well as the employer of the insured person are supposed to make contribution to EOBI during the period of insurable employment. This contribution constitutes half of the total contribution while remaining half comes from the Government of Pakistan.
Government of Pakistan contributed to this scheme till but withdrew thereafter.
In addition to the contribution from employers, employees and government, EOBI invests in profitable projects to generate income for providing pension. Employees’ Old-Age Epbi Institution provides following benefits to the insured person or its survivors.
Employees Old-Age Benefits Institution
An insured person typically becomes eligible to get pension after reaching the age of 60 and completing 15 years of insured service. As per numbers there are over 2 lakh beneficiaries of these scheme. The details of the beneficiaries are given in the table below.
Number of employers and eovi registered with EOBI grew since its inception in The details of participating employers, insured employees and beneficiaries are given in the table below. There is no provision for indexation with increase in cost of living. Also, provincial employees lose the health insurance benefit the moment they retire from the work which is the time they need the health insurance benefit the most.
One of the major challenge faced by EOBI is low contribution to EOBI resulting in lower contribution compared with the liabilities for the beneficiaries. It actt estimated that the current contributions and return from investment will not be 176 to cover the benefit payment and administrative expenses by It is estimated that the fund will be completely exhausted by Computerization and administrative reforms are being carried out to reduce the administrative expenses.
Further work is eoi to reduce the administrative expenses to ensure profitability of the scheme. From Wikipedia, the free encyclopedia. Employees Old-Age Benefits Institution. Retrieved 9 August Employees’ Old-Age Benefits Institution.
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