EOBI Pension Grant Eligibility In Pakistan Age,Rate,Document

EOBI Pension Grant Eligibility In Pakistan Age,Rate,Document

The growing aging population and increasing poverty in Pakistan have made EOBI (Employees’ Old-Age Benefits Institution) funds an essential topic for many. The EOBI system in Pakistan is regulated by the EOBI Act of 1976, which came into effect on April 1st, 1976. It is supported by Article 38C of the Constitution of Pakistan. However, many people who meet the eligibility criteria for EOBI pensions are still unaware of their rights and benefits under this scheme.

EOBI Benefits in Pakistan

There is often confusion regarding the benefits of EOBI in Pakistan, especially when it comes to old-age pensions. The two main objectives of EOBI are to provide financial benefits to insured individuals as they age and to offer protection to their survivors. The program aims to motivate employees by ensuring financial security in their later years. Many wonder if their company is required to apply for EOBI. The answer is that any organization in Pakistan employing five or more workers is required to apply for EOBI pensions for its employees.

Required Documents for EOBI

Employees who feel motivated by the security offered by EOBI are likely to perform better in their jobs. On the other hand, those who feel insecure may not reach their full potential. Therefore, it is crucial for organizations to ensure their eligible employees are registered for EOBI benefits.

Current Pension Rate

As of now, the current EOBI pension rate in Pakistan is Rs. 5,250 per month.

Eligibility Criteria for EOBI

One common question is whether someone who has been working for 22 years qualifies for an EOBI pension. The answer is that they must be at least 60 years old to be eligible. Once they reach this age, they will be entitled to a monthly pension as per the current EOBI rates. Further details regarding required documents, rates, and eligibility can be found in the post.