Textile bodies demand impartial audit of EOBI funds

Textile Associations have demanded impartial audit of EOBI funds which are being indiscriminately invested in dead and risky portfolios instead of expending on provision of workers' pension, children marriages and stipend to widows and have demanded the Chief Justice of Pakistan to take Suo Moto cognisance of the matter.
These views were expressed in the joint meeting of Pakistan Textile Exporters Association, Pakistan Hosiery Manufacturers Association, All Pakistan Bed-sheet and Upholstery Manufacturers Association, All Pakistan Cotton Power Looms Association, Small Power Loom Association, Council of Loom Owners and Pakistan Embroidery Association held here under the chairmanship of Rana Arif Tauseef today.
In a statement issued after the meeting, Rana Arif Tauseef said that Employees' Old Age Benefits' Institution was set up in 1976 to provide a safety net to retired ones who had been registered with it during their employment. The cost of EOBI pensions does not fall on the government. The cost is met from the EOBI Fund built up by contributions from employers and employees. Unfortunately, EOBI officials were investing labour's hard-earned money in unprofitable businesses and much risky stock exchanges and nothing was made for the welfare of the deprived workers. It was the responsibility of the government to provide basic facilities to the labours of the country under its manifesto but no effective measures were taken in this regard. Guarantee of basic needs for the workers in the private sector not only enhanced the efficiency, effectiveness and quality but also help in reducing the burden on the public sector and worker would also feel to be in a secure service, he said.
Rana Arif said that no economy can prosper without fair and equitable treatment of its workforce and industrial workers play vital role in economic development of a country. Workers in developed economies are provided all facilities at their doorstep but nothing was done for the welfare of the working class here in Pakistan, he said.