A Thorough Overview of the Different Types of EOBI Pensions
The Employees’ Old-Age Benefits Institution (EOBI) offers various types of pensions to provide financial support to people after they retire. This program is especially important for those who don’t have any other source of income. Let’s explore the different types of EOBI pensions available and how they help people live better lives.
What is EOBI?
EOBI is a program designed to help retired workers in Pakistan. It was established on April 1, 1976, to fulfill Article 38C of the Constitution of Pakistan, which aims to provide social insurance to workers. Workers who are registered with EOBI can receive monthly payments to help them buy necessary items and maintain their quality of life.
Types of EOBI Pensions
There are several types of EOBI pensions available to support registered employees. Each type serves a specific purpose to ensure that the needs of retirees and their families are met.
1. Old Age Pension
The Old Age Pension is for people who have reached retirement age. For men, the retirement age is 60 years, and for women, it’s 55 years. Miners, who work in more hazardous conditions, can also retire at the age of 55. To qualify for this pension, the insured person must have worked in insured employment for a minimum of 15 years.
2. Invalidity Pension
The Invalidity Pension is for those who become disabled and can no longer work. To qualify, the person must have been insured and contributed to the EOBI for at least five years before becoming disabled. This pension ensures that they still have financial support even if they cannot continue working.
3. Survivor Pension
The Survivor Pension provides financial support to the family of an insured person who has passed away. If the deceased had worked for at least 36 months in an insured job, their spouse or children could receive this pension. The spouse will receive the pension for their entire lifetime, and children will receive it until they turn 18. If there are no surviving spouse or children, the pension can be given to the parents of the deceased for five years.
4. Estate Pension
The Estate Pension is given to the minor children of a deceased insured person if there is no surviving spouse. Children under 18 will receive this pension until they reach adulthood. If there are no children, the pension can go to the parents of the deceased for five years.
5. Old Age Grant
The Old Age Grant is for those who have reached retirement age but haven’t met the minimum contribution period for the Old Age Pension. To qualify, the person must have worked in insured employment for at least four years but less than 15 years. Instead of a monthly pension, they receive a lump sum amount as a grant.
Conclusion
EOBI pensions play a crucial role in supporting retired workers and their families in Pakistan. With different types of pensions, including Old Age Pension, Invalidity Pension, Survivor Pension, Estate Pension, and Old Age Grant, the program ensures that people have the financial support they need during their retirement years.
If you or someone you know could benefit from EOBI pensions, make sure to explore the options available and register with EOBI. For more information and to track your EOBI pension online, visit the official EOBI website.
By understanding the different types of EOBI pensions, you can make informed decisions about your future and ensure that you and your loved ones have the financial security needed to enjoy a better quality of life.
