EOBI Pension Employees Old Age Benefits Institution 2025
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 administers various financial assistance programs, including old-age pensions, survivor benefits, and disability pensions. Additionally, it provides financial aid for specific life events such as funerals and marriages, ensuring economic security for private-sector employees in Pakistan.
Both workers and their employers put money into EOBI, which then uses that money to provide these benefits to those who qualify.
The Employees’ Old-Age Benefits Institution (EOBI) acts as Pakistan’s social security system for private-sector employees. It ensures financial stability post-retirement through mandatory employer-employee contributions, offering pensions, survivor benefits, and disability support. Without EOBI, many retirees would lack financial security, making it a critical safety net.
What Is The New Pension Rate for EOBI? 2024
In November 2023, the National Assembly proposed an increase in the EOBI pension to Rs. 15,000. However, as of 2024, the officially approved pension rate remains Rs. 10,000. The government has expressed intentions to reassess pension rates due to inflation and rising living costs.
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 does not affect basic pension eligibility. However, in survivor benefits, a deceased employee’s spouse or dependent children qualify for a pension. In cases where the widow remarries, the pension transitions to the deceased’s children, ensuring their continued financial security.
- Other Situations: EOBI might offer benefits for various other circumstances, like marriage or funeral grants.
What is EOBI in Case Of Death?
When an insured employee passes away, their family members or designated beneficiaries may receive a pension to support them. This is known as a survivor’s pension. Under EOBI regulations, survivor pensions are granted to the spouse, dependent children, and, in some cases, elderly parents of the deceased. The continuation of these benefits depends on the contribution period and the eligibility of the deceased employee.
According to EOBI rules, if an unmarried employee dies, their parents are entitled to receive a pension for five years.
If a worker had been insured under EOBI for at least 36 months before passing away, their wife is eligible to receive a pension for the rest of her life. Even if the widow remarries, the deceased employee’s children can still receive EOBI benefits. This provision ensures financial security for the children, as the new stepfather may not necessarily provide for them.
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.
Most EOBI services are accessible online, eliminating the need for extensive paperwork. Users can log in with their credentials via the official EOBI portal to access pension details, contribution history, and application processes.
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)
