EOBI Pension Employees Old Age Benefits Institution 2024
What is EOBI?
The Employees’ Old-Age Benefits Institution (EOBI) is a social insurance institution in Pakistan. EOBI Pension It was established in 1976 under the EOBI Act to provide benefits to employees in the private sector of Pakistan upon retirement, disability, or in case of the death of an employee while in service.
EOBI runs different programs to help people stay financially secure, like giving pensions to old people, supporting families if someone passes away or gets too sick to work, and giving grants for things like marriages and funerals.
Both workers and their employers put money into EOBI, which then uses that money to provide these benefits to those who qualify. EOBI is really important for making sure that private sector workers in Pakistan have enough money to live on after they retire or if something unexpected happens.
What Is The New Pension Rate for EOBI? 2024
In November, the National Assembly announced that EOBI pensions would be increased to Rs. 15,000. Minister of State for Law and Justice, Shahadat Awan, revealed the government’s plan to raise all minimum wages and monitor the institution’s income.
The National Assembly also passed the NFC Institute of Engineering and Technology Multan Amendment Bill. The Supreme Court took strong action against corruption in the Employees Old Age Institution.
EOBI has set a new pension rate of Rs. 10,000 for retired employees, now effective in Pakistan. However, given the current inflation rate, Rs. 10,000 may not be sufficient for many families to meet their expenses.
Check EOBI Pension Online
How to check your EOBI pension online by following these step-by-step instructions on the EOBI web portal.
- Visit the official government website’s web portal by clicking the provided link.
- Sign in to your account using either a new NIC or the old NIC can also be entered.
- Next, click on the green arrow button to proceed with checking your details.
- Once there, you’ll have access to manage and view all your pension transactions from previous months.
EOBI Eligibility Criteria
- Employment Status: Individuals must be employed in Pakistan’s private sector.
- Age: Typically, individuals need to reach a specific age, usually retirement age (age of 60 years and 15 years of service), to qualify for benefits.
- Payment History: Applicants need to have contributed to the EOBI fund during their employment.
- Dependents: If a person passes away before reaching the age of 60 after completing five years of service and leaving their job for any reason, their wife is entitled to receive a pension.
- For Females: The eligibility criteria remain the same for females. as, if a female passes away, her husband is entitled to receive EOBI pension, with the only difference being that females become eligible for the pension when they reach 55 years of age.
- Marriage Status: Sometimes, being married or not could impact eligibility for specific benefits.
- Other Situations: EOBI might offer benefits for various other circumstances, like marriage or funeral grants.
What is EOBI in Case Of Death?
When someone who has insurance dies, their family members or chosen recipients can get a pension to help them out. It’s called a survivor’s pension. According to Islamic teachings, the survivor pension program covers elderly parents and young widows. Under the EOBI rules, if an unmarried employee dies, their parents can receive a pension for five years.
If a worker passes away after being insured under EOBI for 36 months or more, their wife will receive a pension for the rest of her life. Even if the widow remarries, the deceased’s children can still receive benefits from EOBI. This is because the new stepfather might not support the children financially, so they’re still eligible for the pension.
What is the EOBI Pension Rule?
Employees Old Age Benefits Institution
The pension plan provided by EOBI is a big help for elderly people who don’t have any money coming in. This organization helps old aged who used to work by giving them money every month.
This money helps them buy things they need to live, like food, clothes, and medicine. So, EOBI’s pension scheme is like a safety net for older people who don’t have any other way to get the things they need.
EOBI gives different kinds of help like pensions and grants to retired workers and their families. These benefits are important for making sure retired workers and their families have enough money to live on. EOBI also does other things to help its members, like providing healthcare and job training.
EOBI Facilitation System
The EOBI facilitation system is a set of methods and steps created by the Employees’ Old-Age Benefits Institution (EOBI) to help people access and use the benefits and services it offers. This system uses different ways to help, like customer service centers, websites, phone lines, and community programs.
It’s all designed to give advice, help, and support to those who get EOBI benefits and those involved with EOBI. The goal of this system is to make it easier to apply for benefits, answer questions, solve problems, and make sure that people who qualify get their benefits when they need them, without any delays.
You don’t have to submit any extra documents to access this system. Everything is available online, just a click away on your PC or laptop. With just your ID and password, you can input details and access important information online through this program.
Here’s a detailed guide that shows you step-by-step how to use EOBI’s facilitation system.
- visit the official website at Eobi.gov.pk.
- Sign in to your account using your login credentials.
- Click on EOBI Facilitation system.
- Create a profile to access the system’s features.
- Receive your personal ID and password via email.
- After logging in, enter your employees’ information and create your contribution voucher.
- pay the voucher amount through the National Bank of Pakistan.
Note: EOBI Facilitation System during the specified timings provided below:
Monday to Friday (8.00 AM to 4.00 PM, during Holy Month of Ramzan)