The federal cabinet has approved a 15 percent increase in the Employees Old-Age Benefits Institution (EOBI) pensions.
According to a statement issued here, pensioners will start receiving payments, including arrears from September 1.
EOBI will be disbursing approximately Rs 10 billion rupees per month for pensions.
The statement read that with the increase, pensioners with long service records will now be eligible to receive monthly pensions exceeding Rs 30,000.
Meanwhile, a committee has been formed to induct workers from the informal sector, domestic employees, and agricultural labourers in the EOBI scheme.
Federal Minister for Overseas Pakistanis and Human Resource Development Chaudhry Salik Hussain said that the federal government is committed to the welfare and social protection of the labour class.
Under EOBI Scheme, insured persons are entitled to avail benefit like, old-age pension (on the event of retirement), invalidity pension (In case of permanent disability), old-age grant (an insured person attained superannuation age, but does not posses the minimum threshold for pension) survivor’s pension (in case an insured person is expired).
Pension Rates:
- Minimum Rs. 10,000
- Maximum as per formula
