Great News EOBI Thinking To Increase Pension [EID 2024 UPDATE]

The Pakistani government’s pension and social security organization, also called the Ministry of Overseas Pakistanis and Human Resource Development (EOBI), is going through a vivid change. This organization was established under the Act of 1976 after the approval of the Employees’ Old-Age Benefits Institution in 1976 by the Pakistani Parliament.

Naheed Shah Durrani is the chairperson of the Employee’s Old-Age Benefits Institution. The basic purpose of its establishment is to achieve the objectives of Article 38C of the Constitution of Pakistan.

An increase in employees’ Old-Age Bene­fits Institution (EOBI) pension amount by 17% from the previous Rs 8,500 to Rs. 10,000 was declared by the Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development Jawad Sohrab Malik on Friday. Also try: GAMCA Medical Status and BISP 8171.

This step is taken to provide financial benefits to hundreds of thousands of individuals who completely depend on their EOBI pensions for their livelihoods without any other source of income. This proactive action mirrors the government’s attention to supporting the elderly and retired people without any financial security threats while passing their golden years.

EOBI Pension Increase Latest News

In June 2024, the great news is that all the minimum wage earners who receive a monthly EOBI pension will get an increased pension from Rs. 8500 to Rs. 10,000. People who are now of retirement age can receive their pension from the Employees’ Old-Age Benefits Institution. As of right now, the amount of the pension has already been transferred to the pension holders’s bank accounts for January.

According to the latest updates, the federal minister joined the chairman, EOBI Khawan Murtaza, in a meeting today. Khawan Murtaza provides the federal minister with a briefing on the increase in pensions and the problems of EOBI pensioners.

Pakistan People’s Party (PPP) is playing its role in increasing the pensions of the people because, during their tenure, they increased the EOBI pensions to financially facilitate the pensioners’ ability to spend their lives with ease.

The great news was already reported in the newspaper: the government of Pakistan has taken the initiative to increase the EOBI pension this year. one newspaper declaring the increase in pension up to 10% while another is suggesting the rise in pension is 5000 rupees.

Moreover, a high court-registered newspaper announced that the increase in pension could be up to 36,000 Rs. The authentic source of EOBI suggests that pensions can increase up to 10% to 5000 Rs, but seeing the present condition of the country, people are demanding an increase in pensions up to 36,000 Rs to meet their basic needs.

Expected Pension Increase in the 2024 Budget

The government of Pakistan is working on this issue of pension increments. They have two suggestions: one is to provide the pensioners with a 10% increment, and the other is the $5,000 increase in pension.

A new budget is coming in June 2024. In this budget, the salaries and pensions of all government employees are going to increase from 12% to 15%. In the past budget, the government provided 10,000 pensions to all Eobi pensioners. Now it is hopeful that the government will provide its people with good news about the pension for the pensioners.

Details of the Pension Increase

The EOBI has announced that pensions will see a clear increase of 20% that will be effective on July 1, 2024. This increment will benefit over 400,000 pensioners who depend on EOBI pensions for their livelihood.

Minimum Pension: The minimum pension has been increased from PKR 8,500 to PKR 10,200 per month.

Average Pension: The average pension, which a majority of pensioners receive, has been adjusted from PKR 12,000 to PKR 14,400 per month.

Maximum Pension: The maximum pension has been raised from PKR 20,000 to PKR 24,000 per month.