EOBI to bring maximum organizations under its charter.EOBI EOBI Employees Oldage Benefits Institution (Pakistan) ) is making efforts to bring maximum organizations under its charter aimed at providing maximum facilities to registered workers, Director, EOBI, Dr. Syed Wasif Hasan said on Wednesday. He said EOBI benefits are given to employees of industrial or commercial organizations which employ five or more persons, adding, even public sector establishments like Pakistan Steel Mills In 1968 the Government of Pakistan decided that the Karachi Steel Project should be sponsored in the public sector, for which a separate Corporation, under the Companies Act, be formed. , Heavy Mechanical Industries Taxila, etc. are covered by EOBI. Dr. Wasif said that presently the employer deposits Rs.360 per employee per month with EOBI out of which Rs.300 are paid by the employer himself while Rs. 60 are deducted de·duct
v. de·duct·ed, de·duct·ing, de·ducts
1. To take away (a quantity) from another; subtract.
2. To derive by deduction; deduce.
v.intr. from the employees salaries. The EOBI contribution is paid at the rate of 6% of minimum wages level which at present are Rs.6,000 per month. He said superannuation Superannuation
An organizational pension program created by companies for the benefit of their employees.
Funds deposited in a superannuation account will typically grow without any tax implications until retirement or withdrawal. age for male workers is 60 years and 55 years for female workers, and added, that for mine workers the superannuation age limit is 55 years with the condition that he had been in mining profession for last ten years. Dr. Wasif clarified that if a worker reaches age of retirement after completion of 15 years service and registered with EOBI, then, he would be given Old Age Pension. If he does not have 15 years service in his credit, then a lump sum Lump sum
A large one-time payment of money. payment as minimum pay of one month as per law (Rs.6,000 at present) multiplied by paid years he served is made to him. Another benefit under the scheme is Survival Pension which is given to the spouse of that insured person who died during the service but he had at least three years of paid service or who died while he was not in service but he had at least five years paid service. If the life partner of a person who was registered as worker under the charter of EOBI dies before five years (as pensioner PENSIONER. One who is supported by an allowance at the will of another. It is more usually applied to him who receives an annuity or pension from the government. ), the pension would be paid to the minor children till the age of 18 years. If he does not have children, the pension is paid to his parents for five years from the date of death. He explained if serving person, male or female, dies during job before his service maturity (60 years for male, 55 years for female) but he or she has worked for three years as registered worker under the charter of EOBI, remaining life partner would be given life pension at minimum scale which exists as Rs.2,000 per month. If employee dies while not in insurable employment but he has completed his five years service as registered worker under the charter of EOBI then his/her remaining life partner would be provided life pension at minimum scale, he added. Dr. Wasif said if a worker becomes disabled after the service of 15 years as registered worker under the charter of EOBI and medical board declares him having invalidity more than 67 % then he would be provided invalidity pension, or the worker becomes disabled but he has completed his service five years in total in same or different organizations as registered worker under the charter of EOBI, but three years service should be done in last five year, would be provided also be provided invalidity pension. The formula of calculating EOBI pension is average monthly wages of last 12 months multiplied by total number of EOBI paid years divided by 50. He said that presently minimum pension is Rs.2,000 while maximum pension is Rs.4,080.
(THROUGH ASIA PULSE)