EOB Act 1976 was enforced with effect from April 01, 1976, to achieve the objective of Article 38 (C) of the Constitution, by providing for compulsory social insurance. It extends following benefits to insured persons or their survivors:-,
EOB Act 1976 was enforced with effect from April 01, 1976, to achieve the objective of Article 38 (C) of the Constitution, by providing for compulsory social insurance. It extends following benefits to insured persons or their survivors:-
A contribution equal to 5% of minimum wages has to be paid by the Employers of all the Industrial and Commercial Organizations where EOB act is applicable. Contribution equal to 1% of minimum wages by the employees of said Organizations.
RATES:
The updated Contribution Rate is now 1500 Rupees per employee for all the employers in the whole country. Moreover, the manual PR 03 Vouchers are not usable as EOBI Contribution payment slip. Now the employers will have to login to the Facilitation System in EOBI website, and print out the computerized voucher, which will serve as EOBI Contribution Payment Slip.
Benefits/Pension
Under EOB Scheme, Insured Persons are entitled to avail benefit like, Old-Age Pension (on the event of retirement), Invalidity Pension (In case of permanent disability), Old-Age Grant (an Insured Person attained superannuation age, but does not posses the minimum threshold for pension) Survivor's Pension (in case an Insured Person is expired)
Kind of Benefits/Pension:
EOBI Contribution Calculation is very simple and easy. You can easily alter the below figures to find out the contribution due on the employer. Moreover, these figures don’t include the late fees which has to be determined separately.
Particulars Contribution Rate
Total Employees Contribution Employer Share 1250
Employee Share 250
Total Contribution 1500
Registration of Establishments (Section 11 of EOB Act 1976)
-1) Every employer shall, before the expiration of thirty days from the day on which this Act becomes applicable to the industry or establishment in respect of which he is the employer, communicate to the Institution the name and other prescribed particulars of the industry or establishment
-2) Every insured person may also communicate his name and other prescribed particulars to the Institution.
-3) On receipt of a communication under sub‑section (1) or sub‑section (2) the Institution shall register the name of the industry or establishment or the insured person in such manner, and issue to the insured person a registration card in such from, as may be prescribed.
Registration of Employers & Insured Persons under EOB Act 1976
W.E.F. July 1, 2008, when an industry or a commercial establishment has 5 or more employees or if any industry or commercial establishment employing less than 5 employees voluntarily opt to be included in the scheme
Amendments of Act XIV of 1976:
In the Employees' Old-Age Benefits Institution Act, 1976 (XIV of 1976), the Following amendments shall be made, namely:-
(1) in section 1, in sub-section (4),
(a) in clause (i),
(i) For the word "ten" occurring twice, the word "five" shall be substituted
(ii) For the colon at the end, a full stop shall be substituted and thereafter the
proviso shell be omitted; and
(b) in clause (ia) for the word "twenty", the word "five" shall be substituted;
(2) in section 9, in sub-section (1), for word "six" the work "five" shell be
substituted;
(3) in section 22, in sub-section (2), in clause (ii) for the full stop at the end, a
colon shell be substituted and thereafter the following proviso shell be added
namely:-
"Provided that nothing in this section shell apply to an employee insured
under this Act on or after Ist day of July, 2008."
(4) in section 47, clause (e) shell be omitted ; and
(5) In the Schedule,-
(a) for paragraph (2), the following shell be substituted, namely:-
"(2) The monthly wages of an insured person, referred to in paragraph
(1), shell be calculated on the basis of wages on which contribution were
paid in respect of the twelve calendar months immediately preceding the
date on which insured person fulfils the conditions for entitlement to any
benefits under this Act;
Provided that the old-age pension or invalidity pension payable to an
insured person and survivor's pension payable to the survivors of the
deceased insured person shall not be less than two thousand rupees per
month for pension commencing on or after 1st day of July 2008."; and
(b) in paragraph (3) for the figure "2007" the figure "2008" shell be
substituted.
Bank Alfalah has joined hands with Employee Old Age Benefits Institution (EOBI) for the administration and organization of employees’ contribution and pension disbursement process in Pakistan. The process has been designed to cater to a wide base of 390,000+ pensioners, and 98,000 contributing employers. Bank Alfalah manages an average monthly pension disbursement of Rs. 8,500 for each EOBI pensioner, along with a total monthly contribution collection of Rs 2 billion from employers.
Bank Alfalah has worked on revolutionizing the pension disbursement process by making it more sophisticated and agile as opposed to the manual processes which were previously being followed. The pension disbursement process has been designed to make it completely digital through the use of branchless banking mobile wallets which will eradicate the use of physical dealing of cash at the time of pension disbursements. Instead of pension collection at branches only, Bank Alfalah has now widened the access points for pensioners. EOBI pensioners are now able to withdraw their pensions through the 10,000+ ATM network across Pakistan.
The EOBI Pension Wallet, tagged to a Union Pay International powered debit card, is an innovative financial solution that is meant to facilitate EOBI pensioners to receive monthly pensions in a secure manner with ease. EOBI pensioners will be able to receive funds directly into their wallet accounts, accessible through the prescribed channels.
No amount can be deposited or transferred into an EOBI Pension Wallet Account other than the monthly pension disbursed by EOBI.
To activate the EOBI pension card, you can simply call on our 24/7 customer support helpline at 021-111-225-229.
On the 1st of every month, the pensioner’s wallet account is credited with the EOBI pension amount. Upon successful disbursement, an SMS notification is sent to all EOBI wallet holders.
An EOBI Pensioner is able to withdraw funds from their account at any ATM in Pakistan.
How does EOBI contribution collection take place?
Manual contribution collection
Contribution Collection with Pre-generated Slip
For details about our Branchless Banking Products & Services call Alfalah Contact Centre at 021-111-225-229.
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