An Act to repeal and re-enact the Law relating of Old-Age benefits for up under any law shall not be treated as an employee under this Act. THE Employees Old-age Benefit Institution (EOBI) Act was enforced with effect from April 1, , to achieve the objective of Article 38 (C). 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 .
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EOBI operates on the partially funded basis.
The insured person as well as the employer of the insured person are supposed to eob 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 Benefits Institution provides following benefits to acr 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 employees 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.
axt One of the major challenge faced elbi EOBI is low contribution to EOBI resulting in lower contribution compared with the liabilities for the beneficiaries. It is estimated that the current contributions and return from investment will not be sufficient 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.
Employees’ Old-Age Benefits Institution
Further work is required 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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EOBI Act – Newspaper –
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