EOBI ACT PDF

An Act to repeal and re-enact the Law relating of Old-Age benefits for up under any law shall not be treated as an employee under this Act. THE Employees Old-age Benefit Institution (EOBI) Act was enforced with effect from April 1, , to achieve the objective of Article 38 (C). The Employees’ Old-Age Benefits Institution (EOBI) is the pension, old age benefits and social It came into formation in , through the passage of the Employees’ Old-Age Benefits Institution Act of by the Parliament of Pakistan .

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The Institution shall have its Head Office at Karachi or at such other place as the Federal Government may decide and other offices at such places and in such numbers as the Institution may from time to time decide.

Updated December 30, Pressure on the press A government-controlled body to run the affairs of newspapers is not in sync with the modern concepts of rule. In addition to the contribution from employers, employees and government, EOBI invests in profitable projects to generate income for providing pension.

Insertion of Schedule-II in the Act, Insured Person’s Registration No. Pakistan must own the FATF project.

Provided further that where the contribution under section 9B is paid regularly by the insured person himself in accordance with prescribed procedure, his entitlement to the benefit shall not be affected by default in payment of employer’s share of contribution under section 9.

The Institution shall accept the declaration so made eobj the employers, provided that the number of employees declared and amount of contribution paid is not less than the amount payable in the preceding year.

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Name of Inured Person. EOBI operates on the partially funded basis. An insured person typically becomes eligible to get pension zct reaching the age of 60 and completing 15 years of insured service. Amendment in Schedule The schedule appended with the Act, shall be substituted with Schedule-I, namely: The insured person as well as the employer of the insured person are supposed to make contribution to EOBI during the period of insurable employment.

Employees Old-Age Benefits Institution

However, corruption in the deal has eroded away all the hopes of profits. Since there has been no increase in the rate of pension for a long time, the pensioners are frustrated, especially due to unprecedented inflation. Short title, extent and commencement: The pensioners are still receiving Rs3, a month. Pakistan is once again at a critical juncture of political transition.

Section 9B of the Act, shall be substituted as under: Provided that above provision shall not be applicable to an employee who has been dismissed or terminated for the reasons other than the intention of inflicting punishment for seeking self registration. It is estimated that the fund will be completely exhausted by eibi The Institution shall, at intervals of not more than three years, have an actuarial valuation made in the prescribed manner of its assets and liabilities and eob change in rate of contribution or benefit under this Act shall be made without proper actuarial valuation.

Employees’ Old-Age Benefits Institution

Pakistan Muslim League Ch. Number of employers and employees registered with EOBI grew since its inception in Amendment of section 8, Act XIV of Please support us by taking a moment eogi turn off Adblock on Dawn.

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Employees share of Contribution. Also, provincial employees lose the health insurance benefit the moment they retire from the work which is the time they need the health insurance benefit the most.

Further work is required to reduce the administrative expenses to ensure profitability of the scheme. Updated December 30, Prisoner accord If Pakistan hopes to bring back to own prisons people sentenced abroad, it is even more reason to reform jail system. Amendment of section 9, Act XIV of By using this site, you agree to the Terms of Use and Privacy Policy.

Employees Old-Age Benefits Institution – Wikipedia

The declaration so made shall be accepted without any question aft no demand of contributions previously created remains outstanding against such empl 2 Any employers who is already registered under normal pension scheme and oebi for registration under self assessment scheme shall not decrease the total amount of contributions and number of insured persons already registered immediately prior to exercising his option for self assessment scheme.

Amendment of section 2, Act XIV of The Ordinance will come into force at once. Pages using infobox government agency with unknown parameters. Computerization and administrative reforms are being carried out to reduce the administrative expenses.

Whereas it is expedient further to amend the Employees Old Age Benefits Act, oebi the purposes hereinafter appearing. After section 11, following new section shall be inserted: