EOBI Pension Increase Notification 2024 Update
Attention to all EOBI-insured people: We’d like to inform you about the EOBI Pension Increase Notification that the pension amount was increased from Rs. 6500 to Rs. 8500, effective January 1, 2020. Since this adjustment in 2020, there have been no additional increments in the pension amounts.
However, we are committed to keeping you informed about any changes. If EOBI announces a pension increase in 2024 or any other updates, we will update this information on our website.
To ensure you stay updated with the latest EOBI Pension Increase notifications updates and changes regarding EOBI pensions, we encourage you to visit our website regularly. Your awareness and understanding are essential, and we are here to provide you with the most current information.
Is the EOBI Pension Increased?
The EOBI pension has risen from Rs. 6500 to Rs. 8500, starting January 2020 for everyone earning the minimum wage. If you’re insured with EOBI, you can see your new pension amount on their website.
The Employees’ Old-Age Benefits Institution (EOBI) provides pensions to older people, including those who’ve retired. January 2020 pension increase has been deposited into the bank accounts of pension recipients. You can find more details about your pension on EOBI’s website.
EOBI Pension Increase Notification 2019
The Employees Old-Age Benefits Institution (EOBI) issued an EOBI Pension Increase Notification on 25-02-2019 to clarify the increased pension rates. Here’s the details:
The Ministry of Overseas Pakistanis and Human Resource Development, Government of Pakistan, issued a notification (#7(3)2018-EOBI) on January 20 2019. They have approved a 20% increase in the pension rates for pensioners. The minimum pension amount has been set at Rs. 6,500 per month. This change is effective from September 1, 2018.
To make sure the new rules from the notification are followed correctly, we need to stick to the following guidelines carefully and fully.
i. Pensioners who used to get Rs. 5,250 from the Employees Old-Age Benefits Institutions (EOBI) will now receive a minimum pension of Rs. 6,500 as per the notification issued on 25-02-2019.
ii. Pensioners with reduced or formula-based pensions will get a 20% increase in their current pension amount.
iii. Pensioners with formula pensions between Rs. 5,260 and Rs. 5,417 will get a 20% increase, rounding off their minimum pension to Rs. 6,500.
iv. Pension increases for formula and reduced pensions will apply to those whose First Information Report (FIR) was filed between 01.09.2018 and 30.06.2019. The minimum pension of Rs. 6,500 will continue in the following financial years.
v. Pensioners who filed an FIR between September 1, 2018,, and June 30, 2019,, will receive arrears with a 20% increase for formula or reduced pensions. FIRs filed on or after July 1 2019, won’t qualify for this benefit.
A big thank you to Mr. Zahid Khan for sharing the notification about the clarified increased rates for EOBI pensions.
When Will The EOBI Pension Increase?
Are you waiting for the EOBI pension to increase? There’s news about a rise from Rs. 8,500 to Rs. 15,000, but no date is set yet. Despite requests from employees, EOBI has not taken action. If you want more details in Urdu, you can check the pension rules.
Remember, EOBI pensions are funded by both employees and employers, not by the Pakistani government. Employees contribute 1% of their salary, while employers contribute 5% of their employees’ salary towards pensions. This is how EOBI funds the pension program for retired workers without any government support.
What Is The Latest EOBI Contribution Rate?
EOBI Update as per new Minimum Wage 2024
The EOBI contribution is 6% of the minimum wage, which is 32,000. For employees, this is 1% of 32,000, which equals 320. Employers contribute 5%, which is 1,600. So, the total contribution, combining both employee and employer contributions, is 6% of the minimum wage, which amounts to 1,920. This means that both the employee and employer contribute 1,920 to the EOBI together.
Please let us know in the comments below if you need any more information regarding the EOBI Pension Increase Notification.
