EOBI clarification

06 Mar, 2012

Apropos a news item carried by Business Recorder "Textile bodies concerned over misuse of EOBI, labour Funds" on 29 February 2012, the EOBI has clarified. "Employees Old-Age Benefits Institution (EOBI) is the prime welfare organisation responsible for payment of pensionery benefits to industrial, commercial workers etc in the light of Article 38(c) of the Constitution of Islamic Republic of Pakistan.
The Institution collects 6% of the wages from employers and employees and pays pensions to over 400,000 workers by generating income from investments in government securities, equities and Real Estates. "A 16-members Board of Trustees supervises the policy making and investment of funds which is a tripartite body, representing federal, provincial governments and employers and employees representatives from each province. EOBI has its own audit department. Besides this, the commercial audit and reputed chartered accountants are also supervising our institution every year.
"The allegations levelled against EOBI are baseless and fabricated. EOBI denies all these charges, because the facts are that 24209 pensioner in Faisalabad are being paid an average of Rs 72 Million per month as pension, whereas only Rs 55 million are being received as contribution from Faisalabad. It proves that more amount is being paid against contribution collection received from the area.
"EOBI is striving its best to serve the poor working community of the country and it aims to provide social security benefits to every earning citizens of the homeland under the priorities of Chairman to ensure generation of maximum income from the investment through honest, transparent and professional management.
"EOBI has started countless projects for employers and employees such as online facilitation system for employers, establishment of regional offices at remote areas, 100% increase in EOBI pension, formation of free helpline for stakeholders, payment of pension at the doorstep of pensioners through easy paisa."

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