What Is EOBI Salary? Check 2024 Update

What is EOBI salary? EOBI salary is the amount given to workers in Pakistan. It’s for those who work in private companies and don’t have a pension plan when they retire. EOBI is a part of the government in Pakistan that looks after workers.

It’s managed by a group called Overseas Pakistanis And Human Resource Development, who handle everything related to this payment and the records of employees’ earnings.

If you’re a private sector worker looking information about EOBI, you’ve come to the right place. We’ll provide you with comprehensive guidance, covering everything from the past to the present. Keep reading this article to learn more about what is EOBI salary.

Employees’ Old-Age Benefits Institution

The Employees’ Old-Age Benefits Institution (EOBI) is a social security organization in Pakistan that provides financial assistance to retired workers of private sector employees so they can get all the benefits like government employees after retirement. EOBI was Established in 1976 under the EOBI Act; its primary objective is to ensure economic security for employees after retirement. 

EOBI operates through mandatory contributions from employers and employees, collected as a percentage of the employee’s wages. These contributions form a fund that is utilized to provide pensions, financial assistance from 1st April 1976 to 2024, and other benefits to eligible individuals upon retirement, disability, or the families of deceased workers. 

EOBI also offers healthcare facilities, rehabilitation services, and vocational training programs to beneficiaries. It is to alleviate poverty among the elderly and vulnerable segments of society by providing a reliable source of income and support during their non-working years.

What Is The Minimum Salary Of EOBI? 

EOBI has been updated with the new minimum wage set in 2023. Under these changes, the total contribution stands at 6% of the minimum wage, which is 32000 PKR. For employees, this translates to a 1% contribution, amounting to 320 PKR, while employers are required to contribute 5%, totaling 1600 PKR.

So, the overall contribution, considering both employee and employer contributions, equals 1920 PKR, reflecting 6% of the minimum wage. It’s important to note that the total contribution may vary based on the number of registered employees.

How To Get EOBI Salary? 

To receive EOBI salary, registration with EOBI is required. Without enrollment in this economic support scheme, access to both salary and pension is unavailable.

• Access the EOBI’s official website and proceed to log in to your account.
• Enter your username and password for the login process.
• Alternatively, you can log in by entering your CNIC number.
• Once logged in, you can then review the status of both your salary and pension.

What Is The Pension Amount Of EOBI?

Currently, EOBI gives a pension of 8500. But there’s a hope that it might go up to 10,000 next year. If this happens, it would give more money to the people who get pensions, which could help them with their money problems. Usually, changes like this happen because of things like prices going up and government rules about taking care of retired people.

Raising the pension to 10,000 shows that EOBI wants to be ready for changing economic circumstances and provide more sustainable support to pensioners.

Conclusion

We discussed what is EOBI salary. Overall, EOBI salary is important for private sector workers in Pakistan because it helps them financially after they retire. If you don’t know much about EOBI, it’s a good idea to save this website so you can stay updated on what’s happening.

We’re committed to giving you all the details about EOBI, so you’ll always know about any updates or news. Join our community to stay connected and informed about EOBI and everything related to it.