Chairman, Employees Old Age Benefits Institution (EOBI), Brigadier Akhtar Zamin (Retd) has said that the organisation is passing through a revamping process. Addressing the members of Korangi Association of Trade and Industry (KATI) on Thursday.
He said that there has been no proper system in the department, however, now efforts are being made to organise the department and a proper working system is being made. He said that the EOBI also applying for ISO 9000 certificate and also updating its website, he added. The chairman said the EOBI is paying Rs 1,300 minimum and Rs 2,500 maximum pension to registered persons under the old age scheme.
Later taking to newsmen, Deputy Director General EOBI, Mohammed Hanif said that in the last four years minimum pension increased from Rs 425 to Rs 1300 per month. He said that the EOBI dispersing Rs 300 million pension per month out of the collection of Rs 400 million per month received form the companies. He said that the department is also looking into ways and means how to increase the minimum and the maximum pension.
He said that the formula to calculate pension is the minimum wages (minimum wage is Rs 4,000 per month) plus the length of service. Minimum 15 years of service and 60 years of age is required to qualify for the pension in any private registered organisation.
He said that there are 2.6 million persons registered under the scheme and the EOBI has issued Rs 1.5 million registration cards, he added. Hanif said that the EOBI has made investment in defence saving certificates and now planning to invest in property. Welcoming the guests, Chairman, KATI, Masood Naqi demanded that the number of private sector representatives on the board of directors of EOBI be increased.
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