EOBI Pakistan is an institution that offers pension and old age benefits to its members. It is a social security institution that is administered by the Ministry of Overseas Pakistanis and the Ministry of Human Resource Development. It has many branches and serves millions of employees across Pakistan. The organization has over 40 million members and provides pension, old age and social insurance.
EOBI
EOBI Pakistan is a social insurance and pension institution. It operates under the control of the Ministry of Overseas Pakistanis and the Ministry of Human Resource Development. As the name suggests, EOBI Pakistan is a social security and pension institution for Pakistanis who are working in overseas countries.
Since the EOBI scheme is federally-run, the government should consider offering health insurance to its EOBI pensioners. This would provide them with the most critical form of health coverage. Government health cards should also be provided to pensioners, and this proposal should be seriously considered by the government. Such a move would hold true under any circumstances, but the current tough economic climate has accentuated the importance of health insurance to pensioners.
EOBI is also facing a number of issues. The board of trustees of the organization has not been constituted since November 2013, when it was supposed to be in place for a two-year term. This lack of accountability is a major cause of widespread abuse of power, corruption and mismanagement.
The first step towards implementing EOBI in Pakistan is to increase the contribution rate of employers and employees. The rate should be fixed and uniform across the country. The suggested contribution rate is six percent of the minimum wage. The state should also contribute one percent. In addition, every employer should make a monthly contribution for each employee. The amount of the monthly contribution for every employee should be advertised once a week and be pegged to the minimum wage.
Another way of implementing the EOBI programme is by raising awareness about labour laws. The government must educate workers and employers about the laws that govern working conditions and the environment. It also needs to establish the framework for industrial relations within SEZs. A sane Pakistani leader could implement such a program and change the lives of the 75 million workers in the country.
The EOBI chairman said the organization is trying to digitize its system. This month, it paid out Rs. 2.4 billion in pension to retirees, which includes arrears and an increase by the federal government. However, retired employees of the FDE complained that they had not received their contributions within three months. The Supreme Court has already ordered the public services not to delay payments to their employees. Violating this directive constitutes criminal negligence.
Pensions
The Employees Old-Age Benefits Institution of Pakistan (EOBI) is an institution that manages pensions for workers. This semi-autonomous institution is governed by the Ministry of Overseas Pakistanis and Human Resource Development. Its mandate is to provide lifelong pensions to all registered workers. It has more than three million registered workers. But only 360,000 of them receive pension benefits. This problem has led to widespread corruption, mismanagement, and abuse of power.
To apply for EOBI pension, an applicant should fill out the pension claim form and submit it to the Regional Office. After the regional office approves the claim form, the pensioner will receive the pension. Within 30 days, a Pension Book or Card will be issued for the applicant. After this, benefits will be disbursed via designated bank branches, Easy Paisa, and NADRA outlets.
Oil prices have increased dramatically. This has put a strain on the budget of the EOBI and pensioners. Many pensioners are unable to provide their children with higher education due to the high cost of living. In addition, many are forced to manage household expenses from their EOBI pensions. Many pensioners say that the government has been playing a parent role to them, which is not fair.
A new proposal for pensions aims to address these problems. It would turn the government’s non-contributory scheme into a contributory scheme and use government funds to provide social pensions to the nation’s ageing population. It would also make it easier for small and medium-sized businesses to enroll their employees and improve their monitoring systems.
A lack of permanent director general and chairman has resulted in a corrupt EOBI, with corrupt field operations officers preventing proper service. This has led to harassment and extortion. In addition to harassment, EOBI employees are being subjected to abuse by some regional heads. In addition, female teachers are being treated badly after retirement and are not entitled to legitimate pensions.
The new government has largely ignored this important issue, and many EOBI pensioners cannot find alternative employment. These people are too old to raise their voices to gain support and awareness.
Financial hardships
Financial hardships for EOBI Pakistan pensioners are real, and they must be addressed. They have been living on the same pension since 2010, despite working in the private sector. Private sector rulers are hesitant to raise the pension, fearing it would be annulled. However, the government has been unresponsive to the needs of the EOBI pensioners.
This new government has promised to reform the economy and people’s lives, but it has to take into account the agony of EOBI pensioners. The government should increase the monthly pension amount, which has been low for years. This is unlikely to burden the national budget, since the funds for EOBI pensions are generated by employer and employee contributions. It is time to give EOBI pensioners a dignified life.
Last month, the Sindh High Court ruled on the EOBI case. The court ruled that a federal institution will continue to regulate EOBI in Sindh. This will prevent a deterioration of the working conditions. Furthermore, the EOBI Act 1976 is still in place.
Unfortunately, Pakistan does not have an adequate pension system to provide basic income security to all of its older citizens. As a result, many older Pakistanis face deprivation and uncertainty as they age. One solution to this problem is a government-funded social pension scheme that turns non-contributory government pension schemes into contributory ones. These contributions could then be used to fund social pensions for informal workers.
Financial hardships for EOBI Pakistan pensioners are real, and need to be addressed. A gender-sensitive pension scheme is needed to ensure that EOBI pensioners are able to live a comfortable life. A representative survey of older people in Pakistan found that 40 percent of older individuals had no income and 28 percent reported incomes of less than PKR 10,000. This situation is even worse among older women.
The EOBI is currently developing a mobile application that will enable employers to generate challans and manage their employees’ profiles. In addition, the new system will allow workers to make changes to their profile.
Employees’ Old-Age Benefits Institution
The Employees’ Old-Age Benefits Institute of Pakistan (EOBI) is an institution that administers pension and social insurance programs for employees. It is a government agency under the control of the Ministry of Overseas Pakistanis and the Ministry of Human Resource Development.
This institution is governed by the Employees’ Old-Age Benefits Act 1976. The EOBI provides services to all employees of industries and establishments. Insurable employees must register with the EOBI. However, this registration is optional for micro/small organizations.
The EOBI in Pakistan is a vital social program that helps older workers with their retirement planning. Its aim is to provide a decent pension to all senior citizens. This is accomplished through a highly efficient, digitised and data-based organisation. Any Pakistani leader with a sense of purpose could implement the EOBI programme. This program would improve the lives of tens of millions of people in the country.
The EOBI is a large project that is governed by the Employees’ Old-Age Benefits Act. The act requires the establishment of an institution to administer contributions from employees and disburse pensions to pensioners. It serves the needs of over three million insured people. Among these, 360,000 people are receiving pension benefits. It has also discovered 3 million cases of unpaid contributions and claims.
In Pakistan, the government has amended its constitution to provide social and labour legislation. While some provinces have passed their own legislation, others have maintained key features of the federal programs. In case of provincial noncompliance, federal legislation remains in place. Some provinces have special schemes for public-sector employees, local governments, and railways.
Employees’ Old-Age Benefits Insurance (EOBI) is a social security program for the elderly. It pays pensions to individuals who reach the age of sixty. However, the system cannot operate properly without an in-built system for checking the contributions of employees. The EOBI system must ensure that every adult citizen in Pakistan is covered. Furthermore, it must ensure that 100% of employees are covered by the scheme. EOBI should also establish a helpline for delayed payments.
To get a pension, an insured person must be 60 or 55 years old, have paid the required contributions, and have been rendered permanently disabled. This disability must result in an inability to earn at least 1/3 of the normal rate of earnings in the insured person’s occupation. The disability pension is a minimum of five thousand rupees per month.
