How Much % Pension Increase Each Year?

Employee old age benefits institutions take the responsibility of retired workers to provide monthly pensions. They make certain monthly pension amounts increase to reach the rising price of daily life items. Let’s read how much per cent pension crease each year by EOBI. 

Historical Context

EOBI was established in 1976 to provide financial support to the retired employees of different private factories. Since 1976, they have been increasing the number of pensioners to support retired workers to afford their daily life expenses. 

Annual Pension Increment

EOBI declares pension increases every year. These increases are meant to support retired employees with money valuable enough to buy what they need in everyday life.

Annual Pension Increment

Statistics and Trends: 

EOBI normally bumps up pensions by nearly 10% to 15% each year. But this can rely on how daily use items are going with cash.

Statistics and Trends: 

EOBI makes sure pension increases match how much costs have gone up. This way, retired employees don’t fail out on buying stuff.

Government Funds:

The government puts aside some funds to support retired employees. How much they offer can impact how big pension increases are.

Factors Behind Pension Increase

Something determines how much EOBI bumps up pensions:

Items Prices Going Up:

When daily use items get more costly, pensions need a larger increase to hold up.

Funds Matters:

If there are no sufficient funds, EOBI might not be competent to increase pensions by much.

Changes in Rules:

Any new laws about how pensions work can revise how much money retired employees gain. 

Final Words

EOBI can increase the pension of all retired employees once a year. Normally pension increases 10% to 15% increments recorded from the previous years. Many factors affect the pension increase.