EOBI ACT PDF

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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A contribution equal to 5pc of the minimum wages is being paid by employers of all industrial and commercial organisations where the EOBI Act is applicable.

Contribution equal to 1pc eoi minimum wages is paid by the employees of the organisations.

Normally, a fixed pension of Rs3, a month is being paid to the workers. Since there has been no increase in the rate of pension for a long time, the pensioners are frustrated, especially due to unprecedented inflation.

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To increase its financial resources, the EOBI attempted to purchase cheaper land with the hope its prices would increase and the organisation will be benefited. However, corruption in the deal has eroded away all the hopes of profits. It is said that the main culprit, who is responsible for the alleged corruption in the deal, is absconding along with the money. In the wake of inflation, it is not less than a joke to expect an old couple to survive with Rs3, a month.

The highups of the EOBI should increase the pension amount to a reasonable level so that old couples may survive honourably.

Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on Dawn. The pensioners are still receiving Rs3, a month. Read more New year celebration.

Employees Old-Age Benefits Institution

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Employees Old-Age Benefits Institution – Wikipedia

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