EOBI Raises Minimum Pension, Expands Coverage Across Sectors
The Employees’ Old-Age Benefits Institution (EOBI) has announced an increase in the minimum pension, set to rise to Rs11,500 starting January 1, 2025. Along with this, pensions exceeding Rs10,000 will see a 15% increase. Additionally, EOBI plans to expand its coverage, bringing more sectors under its social protection framework.
EOBI Raises Minimum Pension
During a high-level meeting chaired by Federal Minister for Overseas Pakistanis, Salik Hussain, EOBI’s performance was reviewed. The institution reported a significant 40% increase in income, generating Rs116 billion for the fiscal year 2024-25, compared to previous years.
New Pension Rates Announced
Under the new policy, the minimum pension has been raised from Rs10,000 to Rs11,500. Additionally, pensions above Rs10,000 will receive a 15% increase. The official announcement will be made on Labour Day, 1st May 2025, highlighting the government’s commitment to workers’ welfare.
Expansion of EOBI Legal Coverage
The meeting also focused on expanding EOBI’s legal coverage. Plans are underway to include organizations employing fewer than ten workers, allowing more individuals to benefit from social protection programs. This move will ensure that small business employees who were previously excluded can now access these benefits.
Inclusion of New Sectors Under EOBI
In a bid to modernize and broaden its reach, EOBI will extend coverage to new sectors, including agriculture, domestic work, finance, and legal services. This step ensures that workers in industries often overlooked will receive vital social security and pension benefits. It also aligns with Pakistan’s broader efforts to enhance labor rights and social protection nationwide.
Future Plans for EOBI
Minister Salik Hussain expressed confidence in EOBI’s future growth, noting that ongoing reforms and improved financial management will enable the institution to offer more support to retirees. Plans for digitalizing services, enhancing customer support, and improving pension distribution methods are already in progress to ensure timely and transparent services for all beneficiaries.
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EOBI Future Plans and Reforms for Pensioners
