Employee Old Age Benefits Institution
EOBI stands for the Employees’ Old-Age Benefits Institution, which is a social security institution in Pakistan. EOBI was established in 1976 to provide retirement, disability, and survivor benefits to employees in the private sector.
EOBI is responsible for collecting contributions from both employers and employees and managing a fund to provide benefits to eligible workers. The benefits provided by EOBI include old-age pension, invalidity pension, survivors’ pension, and lump-sum payment.
EOBI is funded by contributions from both employees and employers. The employee contributes 5% of their monthly salary, and the employer contributes 5% of the employee’s monthly salary to the fund. The government also provides a subsidy to EOBI to ensure that the benefits are provided to eligible workers.
Overall, EOBI plays an important role in providing social security benefits to workers in the private sector in Pakistan.
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Benefits of EOBI Facility
The Employees’ Old-Age Benefits Institution (EOBI) provides various benefits to employees in the private sector in Pakistan, including:
- Old-age pension: EOBI provides a monthly pension to eligible workers who have reached the age of 60 and have contributed to the fund for at least 15 years.
- Invalidity pension: EOBI also provides a monthly pension to workers who become permanently disabled due to a non-work-related accident or illness and have contributed to the fund for at least 10 years.
- Survivors’ pension: EOBI provides a monthly pension to eligible dependents of workers who have passed away while in service or after retirement.
- Lump-sum payment: EOBI also provides a lump-sum payment to workers who have not completed the required years of contribution to qualify for a pension but have reached the age of 55.
- Medical care: EOBI also provides medical care to eligible workers and their dependents through a network of hospitals and clinics.
Overall, EOBI provides a safety net for workers in the private sector, ensuring that they have access to financial support in their retirement years, in case of disability or death, and medical care during their working life.