Types of EOBI Pensions?

Types Of EOBI Pensions?

The EOBI pension program is financial support to old age people after they retire from the industry, and they do have not any other source of income. Employees’ old age benefits institutions provide them limited money in the shape of different types of EOBI pensions every single month, to buy their necessary items for living a better life. 

If you are an EOBI registered employee then you can Track Your EOBI pension online. EOBI act was enforced on 01 April 1976 to achieve the main goal of article 38C constitution of Pakistan for providing the necessary social insurance. It has the following types of EOBI pensions to help its insured people. 

Old Age Pension 

The old age pension is for those people who are the age of 60 years old for men, and women, and 55 years for miners who are serving 10 years in the mining occupation. 

Invalidity Pension 

When a person is insured under the provided provisions of the Insured Employees Act. And contributed for five years since he was injured in the insured employee policy but unfortunately, if he was disabled or invalidity then he could get an invalidity pension… 

Survivor Pension 

In case of death of an insured person who has a minimum service of thirty-six months, but he has a spouse then she can take a pension for the lifetime. 

Estate Pension 

In the case of the deceased survivor spouse of the insured person then such pension can be given to minors who have not attained the age of 18 years. If a deceased pensioner has no spouse or children for such pension, this pension will be transferred to his parent for 5 years. 

Grant

Only pension-insured persons, not otherwise. Entitled to an old age pension reaching the age of sixty years for men, or fifty-five years for women and miners, all contributions were payable more than fifteen years but not less than 4 years then he could get an old age pension grant in a lump sum.

Final Thoughts

EOBI has many types of benefits for EOBI-registered employees. Such as old age pensions, survivor pensions, invalidity pensions, Estate pensions, and grants. If have any questions in your mind then you can contact us. But If you want to know more about types of EOBI pensions or benefits then visit the official website.