EOBI Announces Pension Increase for 2024

The Employees’ Old-Age Benefits Institution (EOBI), Pakistan’s primary pension and social security organization, has announced a significant increase in pension amounts for 2024. This announcement comes as part of the government’s continuous efforts to support retired workers, dependents, and spouses who rely on EOBI pensions for their livelihoods.

Background on EOBI

Established under the Act of 1976 and overseen by the Ministry of Overseas Pakistanis and Human Resource Development, EOBI serves to fulfill the objectives of Article 38C of the Constitution of Pakistan. The institution aims to provide financial security to elderly and retired individuals.

Details of the Pension Increase

Effective Date: July 1, 2024

Increment Overview: Pensions will see a clear increase of 20%, benefiting over 400,000 pensioners.

New Pension Amounts

• Minimum Pension: Increased from PKR 8,500 to PKR 10,200 per month.
• Average Pension: Adjusted from PKR 12,000 to PKR 14,400 per month.
• Maximum Pension: Raised from PKR 20,000 to PKR 24,000 per month.

Historical Context

Previously, the pension amount was increased by 17% from Rs 8,500 to Rs 10,000, as declared by the Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development, Jawad Sohrab Malik. This move was taken to provide financial benefits to individuals who depend entirely on their EOBI pensions.

Benefits of the Pension Increase

This proactive step aims to provide financial stability to hundreds of thousands of individuals without any other source of income. This reflects the government’s commitment to supporting the elderly and retired people, ensuring they can spend their golden years without financial stress.

Impact on Pensioners

The increase will directly benefit retired workers, dependents, and spouses, providing them with the financial support they need to meet their basic needs.

Government’s Commitment

The government of Pakistan, along with the Pakistan People’s Party (PPP), has been playing a crucial role in increasing pensions to facilitate the well-being of retirees. The upcoming budget in June 2024 is expected to further increase salaries and pensions for all government employees by 12% to 15%.

Conclusion

The EOBI’s announcement of a 20% pension increase is a significant step towards ensuring financial security for Pakistan’s retired workers and their families. This increase will help alleviate financial stress and improve the quality of life for thousands of pensioners.

Stay tuned for more updates on the upcoming budget and further improvements to the EOBI pension scheme.