The upcoming federal budget for the next fiscal year is anticipated to bring an increase in pension from the Employees Old-Age Benefits Institution (EOBI). The current monthly pension of Rs8,500 is predicted to rise to Rs10,000, despite the economic challenges and financial restrictions preventing a more substantial increase. Currently, the EOBI disburses Rs4 billion among its 430,000 enrolled pensioners.
Deputy Director General of EOBI, Dr. Javed Shaikh, shared that the institution surpassed its target of Rs33.5 billion contribution for the current financial year. It recorded a contribution of over Rs36 billion in May, with an additional Rs4 billion expected in June.
By the close of the current fiscal year on June 30, 2023, Dr. Shaikh forecasts that EOBI contributions will exceed the set target by 30%. Ninety percent of the institution’s pension cases have been resolved, with payments of over Rs4 billion distributed to 430,000 registered pensioners, totaling Rs52 billion annually.
The EOBI has provided all registered pensioners with cards to conveniently withdraw their pension from ATMs or access other easy money services nationwide.
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