EOBI Monthly Pension Raise Proposal by Bilawal Bhutto
At a function hosted by the Arts Council in Karachi on International Labour Day, the Chairman of the Pakistan People’s Party (PPP), Bilawal Bhutto Zardari, stressed the points about pensioners in the Employees’ Old-Age Benefits Institution (EOBI) under the scheme.
Different organizations were at the center of the discussions during the event, which was organized by the Pakistan Labour Bureau (PLB), highlighting the pressing need for an EOBI monthly pension raise for old-age workers in private organizations across various sectors.
A Call for Change
During his address, Bilawal Bhutto majorly focused on the workers who have been loyal partners in every step of development, underscoring the necessity of their protection and support.
He proposed a new provision in the EOBI pension, increasing it from PKR 10,000 to PKR 25,000 per month, which he believed would be the best and most effective way to make pensioners more comfortable and secure.
This initiative is meant to be non-discriminatory and sustainability-oriented so that pensioners can afford primary life commodities with less or no stress at all times.
The Current State of EOBI Pensions
Zulfikar Ali Bhutto, the former Prime Minister, is credited with introducing the EOBI old-age pension scheme, which, besides other sectors of industry, has been the backbone for workers in sectors like sugar mills, textile industries, and Pakistan Steel Mills, who have worked their way up to their pension age.
Nevertheless, even though the current pension amount of PKR 10,000 is valid, it is still far below the rising costs of living, which include utilities, healthcare, and basic goods.
The Burden of Rising Costs
With inflation continuing to persist, the difficulty of acquiring basic necessities has emerged as an increasing concern among the elderly. The cost of items such as gas, medicines, clothes, etc is going high, and it is becoming impossible for them to get by with what they have.
This monetary shortage has led to a situation where many retirees find it hard to lead a decent life on fixed pensions, emphasizing the urgent need for an EOBI monthly pension raise.
Final Words
The planned EOBI monthly pension raise from PKR 10,000 to PKR 25,000 is a laudable plan that potentially will turn the lives of the elderly in Pakistan from worse to better.
As a result of this proposal, through the provision of a more dignified standard of living and the handling of economic difficulties of pensioners, where the benefits of the proposal are aligned to the principles of social justice and equity.
Yet, gaining success will be determined with the cooperation of all sides and a wide range of different people. The government, private sector, and community must be linked through collaborative efforts which should ensure that the necessary funding, administrative processes, and awareness campaigns are put in place.
In this way, Pakistan can foster a more inclusive and supportive environment to let its retired workers enjoy their old age. This can be achieved by recognizing their hard work, supporting them in their time of need, and ensuring them a good standard of living.
