EOBI releases Rs5.8bn to pay 3-month arrears along with current month pension

ISLAMABAD: The Employees’ Old-Age Benefits Institution (EOBI) has released an amount of around Rs. 5.8 billion to pay three-month arrears to its 400,000 registered pensioners along with current-month pension, raised by the government recently from Rs. 6,500 to Rs. 8,500.

“Rs. 14,500 will be transferred to each pensioner’s bank account within next four days. It includes pension of current month and Rs. 6,000 arrears of previous three months (April, May and June),” EOBI Chairman Azhar Hameed told APP on Sunday in an exclusive interview.

To a query, Azhar said the delay in approval of recent increase in pension was occurred due to actuarial valuation of the EOBI on the instruction of Ministry of Law and Justice.

The arrears of January, February and March had already been paid.

He said the recent raise of Rs. 2,000 was announced by the EOBI in the start of this year which was approved by the Federal Cabinet due to active persuasion of Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari.

With the recent increase in pension, he said the pensioners received a top up of total 62 per cent during the last 20 months of Pakistan Tehreek-e-Insaf (PTI) government.

The EOBI had given a raise of 30 per cent in 2019 after which the annuity reached Rs. 6,500, he added.

“The government intends to take the pension to Rs. 15,000 during its five year-term by giving an overall 130 per cent raise. By the grace of the Almighty, we will achieve this target,” said SAPM Zulfikar Bukhari in a recent interview with APP.

According to a news release issued by the EOBI, the pensioners included 269,941 old-age citizens, 6,169 physically impaired and 177,529 others.

Messages regarding issuance of pension were being sent on mobile phones of the pensioners.