EOBI disburses Rs17.921 billion from July to March

EOBI disburses Rs17.921 billion from July to March

ISLAMABAD: Employees Old Age Benefits Institution (EOBI) disbursed an amount of Rs17.921 billion among 405,460 beneficiaries through various programmes from July 2016 to March 2017.

EOBI distributed Rs11.278 billion under Old-age pension programme among 248,740 million beneficiaries while Rs6.326 billion under survivors’s pension project among 148,829 people while Rs245.444 million under invalidity pension among 5,660 persons and Rs70.836 million among 2,231 beneficiaries during the said period.

Under EOBI pensions are paid on monthly basis. The minimum pension is Rs5,250 per month which may raise upto Rs10,920 depending upon the period of insurance and wages of the insured person at the rate of Rs13,000 per month, officials said.

Old-age grant is paid in lump sum equal to one month’s average wages of the insured person for every completed year of insurable employment.

Furthermore, it is planned that 24,050 more beneficiaries will take benefits from the EOBI up to June 2017 for which an additional amount of Rs. 6.728 billion has been allocated for Old-Age Pension, Survivors Pension, Invalidity Pension and Old-Age Grants.

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