Beneficiaries of the Employees' Old-age Benefits Institution (EOBI) have expressed dismay over 20 percent increase in the rate of pension for EOBI pensioners, saying that they were expecting much more in the wake of prevailing inflationary pressures in the country.
The pensioners registered with EOBI had demanded of the government to increase their pension from Rs 5,250 up to at least Rs 15,000 considering the prevailing price hike situation in the country.
It may be noted that the Ministry of Human Resource Development has issued a circular on 25th February 2019, stating that the government has allowed 20 percent increase in the rate of pension for EOBI pensioners and to round of the minimum amount of pension of Rs 6.500 per month as other benefit with effect from 1st September 2018.
Pensioners drawing minimum pension of Rs 5,250 per month would now get Rs 6,500 per month as minimum pension and those getting reduced or formula pensions would be given 20 percent increase in their existing pension. Meanwhile, pensioners getting formula pension ranging from Rs 5,250 to Rs 5,417 would be given 20 percent increase with rounded off minimum amount of pension to Rs 6,500. Increase in formula and reduced pension would be allowed to those whose first intimation report is registered between 1st of September 2018 to 30th June 2019. However, the minimum pension of Rs 6,500 would be continued to the next financial year. The claimants of pensioners would be awarded with arrears with 20 percent increase in case of formula pension/reduced pension and first intimation reports registered on and after 1st July 2019 would not have those benefit.
According to the official source around 40 million industrial and mine workers are depositing Rs 20 billion to the EOBI on monthly basis and 0.5 million old age employees are receiving pension from the EOBI currently.
These 40 million industrial and mine workers contribute one percent of their salary while their employers give five percent of their income monthly as secure investment for the old age to EOBI.
While the current reserves of the institution are around Rs 300 billion, the source added. The mine and industrial workers have been depositing shares of their salaries since the year 1976 to the EOBI, and they started receiving pension of Rs 800 at initial stages which was raised up to Rs 1,200, Rs 2,000 during the then governments and finally Rs 3,600 during Pakistan People's Party tenure.
The beneficiaries of scheme are of the view that the Federal Finance Minister Asad Umar had himself assured of increasing the minimum limit to Rs 10,000. Similarly, they have recalled that former Chief Justice Saqib Nisar was also very active in pursuing their case. However, all these claims and efforts have been died down within first six months of the present government.
They said the prevailing economic hardships are adding fuel to the fire. Especially, those being retired from the private sector firms are at the height of their displeasure, saying that they were expecting a mature action from the government so far as protection of their financial safety is concerned.
They have demanded that Prime Minister Imran Khan should take stock of the situation and direct the authorities concerned to revise the benefit. They have expressed their wonder as how the premier can ignore their hardships, especially when he is taking special interest in setting up shelter homes for homeless people in the country.
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