Introduction

EOB Act 1976 was enforced with effect from April 01, 1976, to achieve the
objective of Article 38 (C) of the Constitution, by providing for compulsory
social insurance. It extends Old-Age Benefits to insured persons or their
survivors.

EOBI with its Head Office at Karachi has a network of 37 Regional and 30
Field Offices across Pakistan. With an enviable IT set up EOBI collects
around Rs. 10 billion per annum besides is managing growing assets
amounting to Rs. 160 billion at present. It has a sizeable portfolio in equity
market and is venturing into Real Estate and other investment projects.

Currently EOBI is disbursing, on monthly basis, more than five hundred

million rupees as monetary benefits to its more than 300,000 eligible
pensioners. EOBI has more than 70,000 registered employers (industrial,
commercial and other establishments) and 3.5 million registered employees
(IP)

Benefits

Under EOB Scheme, Insured Persons are entitled to avail benefit like, Old-
Age Pension (on the event of retirement), Invalidity Pension (In case of
permanent disability), Old-Age Grant (an Insured Person attained
superannuation age, but does not posses the minimum threshold for pension)
Survivor's Pension (in case an Insured Person is expired)

Functions of EOBI
  Identification and Registration of Establishments and Industries.
 Identification and Registration of Insured Persons.
 Collection of Contribution.
 EOBI Fund Management.
 Provision of Benefits as per law.

Functions of Regions
 Registration of Employer and Employees.
 Collection of Contribution.
 Verify contribution from Employers record and rate notices to recover
arrears.
 Visit bank branches to oversee the work of contribution collection and
disbursement of pensioner benefits.
 Record building of Employers, Employees, and Pensioners.
 Pre-audit of claim cases.
 Pre-audit of management expenses made through imprest account.
 Pre-audit of Demand and Show-cause notices.
 Dealing with Commercial audit.

Pension Rate

• Minimum Rs. 3000/=

• Maximum As per Formula

Contribution

EOBI does not receive any financial assistance from the Government for
carrying out its Operations. A contribution equal to 5% of minimum wages
has to be paid by the Employers of all the Industrial and Commercial
Organizations where EOB act is applicable. Contribution equal to 1% of
minimum wages by the employees of said Organizations.
Source: www.eobi.gov.pk