KARACHI: The government is expected to raise the Employee Old-Age Benefits Institution (EOBI) pension from the current Rs8,500 to Rs10,000 per month, local media reported on Saturday.
The media reports concerning the federal budget for the upcoming fiscal year suggested that the pension amount could not be raised further due to the current state of the economy and financial restraints. The EOBI currently distributes R4 billion to its 430,000 enrolled pensioners.
Dr. Javed Shaikh, deputy director general EOBI, stated that the volume of collections in EOBI contribution will climb 30% higher than the set target by the end of the current fiscal [June 30, 2023]. Around 90% of the institution’s pension cases, according to an EOBI official, have been resolved, and 430,000 registered pensioners are receiving pension payments totaling more than Rs. 4 billion. “This institution pays an annual sum of Rs. 52 billion.”
The EOBI has issued cards to all the enrolled pensioners, and through this card, they can easily withdraw their pension from the accessible money facilities and ATMs in any area or city countrywide.
