Senate body briefed about 10-year performance of EOBI

22 Feb, 2022

ISLAMABAD: The Senate Standing Committee on Overseas Pakistanis and Human Resource Development was briefed on the function and past 10-year performance of the Employees Old Age Benefits Institution (EOBI).

The committee, which met with Senator Manzoor Ahmad Kakarin in the chair, was given a detailed briefing by Shakeel Ahmed Mangnejo, Chairman EOBI on the functions and performance of the EOBI over past 10 years.

The committee was apprised that under the EOBI scheme, the institutions register all those employers – industrial and commercial and other organizations – employing 10 or more persons.

He said that employers with less than 10 persons can apply for registration voluntarily. Persons in the services of State, Local Bodies, WAPDA, etc are exempted from the applicability of EOB Act – The Employees’ Old Age Benefits Act.

He said that the employers and employees pay monthly contribution at five percent and one percent respectively of the covered wages. The federal government also contributes towards the scheme, he added.

The committee was informed about the benefits provided by the EOBI to eligible insured persons and their survivors including invalidity pensions on sustaining invalidity affecting insured persons earning more than one third of normal, surviving spouse 100 percent pension till life or surviving female children till 18 years of age or their marriages and old age grant not meeting the benchmark for old-age pension etc.

The committee was informed that the Employees Old Age Benefit Institution is governed by the Board of Trustee of the EOBI.

Performance of EOBI during last 10 years was presented before the committee.

The committee was informed that there are 409,581 number of pensioners in the year 2021-22.

The committee was also informed on the EOBI Fund Size which was Rs396,951 million in the year 2020-2021. The minimum pension started from Rs3,600 in the year 2011-12 and raised up to Rs8,500 in the year 2020-21.

The committee also discussed the investment income through the real estate and projects. The EOBI chairman also informed the committee that there are 22 criminal cases in the real estate and construction projects. He said that 40 percent of real estate investment comes from Islamabad.

Matter related to the budgetary proposals of the Ministry of Overseas Pakistanis and HRD relating to PSDP for the financial year 2022-23, the committee was informed that there is no budgetary proposal of the ministry relating to the PSDP for the next financial year.

The meeting was attended by senators, Keshoo Bai, Khalida Ateeb, Shaheen Khalid Butt, and Bahramand Khan Tangi, besides senior officials of the Ministry of Overseas Pakistanis and Human Resource Development.

Copyright Business Recorder, 2022

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