The Employees Old Age Benefits Institution (EOBI) has declared a major increase in the minimum pension, benefiting pensioners nationwide. This change, set to take effect from January 1, 2025, will raise the minimum pension from Rs10,000 to Rs11,500. Pensions above Rs10,000 will also receive a 15% increase.
The decision was made following a briefing chaired by the Federal Minister for Overseas Pakistanis, Salik Hussain. During the meeting, EOBI’s performance for the fiscal year 2024-25 was reviewed. It was revealed that the institution had earned Rs116 billion, marking a 40% increase in revenue from the previous year.
The briefing also discussed future plans for EOBI, including expanding its coverage to institutions with fewer than 10 employees. This initiative will ensure that more workers have access to pension benefits. Moreover, the government has decided to extend EOBI coverage to new sectors, such as agriculture, domestic work, finance, and legal institutions. This expansion will further strengthen the scope of social security in Pakistan.
The formal announcement of the pension hike is expected to align with Labor Day on May 1, 2025, offering a timely boost to pensioners and reinforcing the government’s efforts to enhance social welfare programs.
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