20000402

Enhanced payment

to EOBI-registered

pensioners begins

KARACHI: The payment of enhanced pension to the workers of establishments registered with the Employees Old Age Benefits Institution (EOBI), started from April 1, 2000.

This marks implementation of the announcement made by Chief Executive Gen. Pervez Musharraf on December 16 increasing the minimum monthly pension of EOBI-registered persons from Rs 425 to Rs 635.

More than 108,500 workers and 29,000 widows would be benefited under the scheme, the minister told newsmen.

The increase in pension will be effective from January, 2000 and its distribution will take place from April 1 alongwith the payment of arrears of three months.

All concerned bank branches spread all over the country even in remote areas and villages have already been given instructions and funds in this regard.

The pensioners would not be required to go to any EOBI office for renewal of pension books. Instead they would have to go to their bank branches as usual as bank managers have been authorised to update the pension books accordingly.

All pensioners drawing monthly pension from Rs 425 to Rs 629 would be entitled to get minimum of Rs 630 per month.

The EOBI will have to bear an additional financial burden of about Rs 300 million annually.

A total of 42,949 establishments are registered with the Institution with 1.48 million workers insured.

Since its inception (July, 1976 to February, 2000), a total of Rs 12.73 billion contribution was collected from the employers.

The EOBI has a total of 164,836 pensioners including 120644, old age pensioners, 41,282 survivors' pensioners and 3,010 invalidity pensioners besides 1,908 pensioners of old age grant (one time benefit).

Since inception (in July 1976) EOBI paid Rs 5.7 billion as pension and Rs 513 million from July, 1999 to February, 2000.

After the increase in minimum pension from Rs 425 to Rs 630, a total of 140,243 pensioners would be benefited including 108,579 old age pensioners, 28,654 survivors' pensioners and 3,010 invalidity pensioners. Thus 90 percent of old pensioners would be benefited.ÑAPP