EOBI ACT PDF

EOBI ACT PDF

An Act to repeal and re-enact the Law relating of Old-Age benefits for up under any law shall not be treated as an employee under this Act. THE Employees Old-age Benefit Institution (EOBI) Act was enforced with effect from April 1, , to achieve the objective of Article 38 (C). The Employees’ Old-Age Benefits Institution (EOBI) is the pension, old age benefits and social It came into formation in , through the passage of the Employees’ Old-Age Benefits Institution Act of by the Parliament of Pakistan .

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Provided that the Institution may direct an employer to preserve such record for a longer period, if so required. Amendment in Section 12 A.

Notwithstanding proof of age filed by the insured person, the Institution reserves the right to call for such other proof of age as it may deem fit. It is estimated that the current contributions and return from investment will not be sufficient to cover the benefit payment and administrative expenses by Employees Old-Age Benefits Institution.

In the wake of inflation, it is not less than a joke to expect an old couple to survive with Rs3, a month.

The schedule appended with the Act, shall be substituted with Schedule-I, namely: Insertion of Schedule-II in the Act, Daily wages, for the purpose of contributions, shall be calculated on the following basis: It is hereby enacted as follows: The insured person as well as the employer of the insured person are supposed to make contribution to EOBI during the period of insurable employment. Insertion of Sub-Section 4 in Section 12 of the Act, Contribution equal to 1pc of minimum wages is paid by the employees of the organisations.

Insured Person’s Registration No. Retrieved from ” https: Further work is required to reduce the administrative expenses to ensure profitability of the scheme.

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Employees Old-Age Benefits Institution

The Institution shall, at intervals of not more than three years, have an actuarial valuation made in the prescribed manner of its assets and liabilities and no change in rate of contribution or benefit under this Act shall be made without proper actuarial valuation. Dear reader, please upgrade to the latest version of IE to have a better reading experience. Maintenance of records and submission of returns by employers: Affidavit will be accepted if it is established to the satisfaction of the Institution that documentary proof is not available.

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Basic Rate of Old age pension, Survivors pension and Invalidity pension. Amendment of section 2, Act XIV of It is said that the main culprit, who is responsible for the alleged corruption in the deal, is absconding along with the money. BOTH decision and timing are scarcely believable and will surely give more ammunition to those quarters denouncing ONE has to look harder and harder to discern the economic message and direction of the government.

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Provided that no contributions shall be payable in respect of an insured person who is in receipt of pension under this Act or has attained the age of sixty cat, or fifty-five years in the case of a woman.

Section 9B of the Act, shall be substituted as under: Amendment of section 8, Act XIV of Since there has been no increase in the rate of pension for a long time, the pensioners are frustrated, at due to unprecedented inflation. Amendment in Schedule The schedule appended with the Act, shall be substituted with Schedule-I, namely: Retrieved 9 August Dear reader, online ads enable us to deliver the journalism you value.

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The highups of eibi EOBI should increase the pension amount to a reasonable level so that old couples may survive honourably. The details of the beneficiaries are given in the table below.

Employees’ Old-Age Benefits Institution

This contribution constitutes half of the total contribution while remaining half comes from the Government of Pakistan. The declaration so made shall be accepted without any question provided no demand of contributions previously created remains outstanding against such empl 2 Any employers who is already registered under normal pension scheme and opts for registration under self assessment scheme shall not decrease the total amount of contributions and number of insured persons already registered immediately prior to exercising his option for self assessment scheme.

Employees share of Contribution. Provided that checking of record in case of those employers who have not opted for Self-Assessment Scheme shall only be done once in a year, with fifteen day’s prior notice, by an officer not below the rank of Assistant Director.

Meetings of the Board. The Ordinance will come into force at once. In section 12 after sub-section 3 new sub-section 4 will be added, namely. December 31, Economic direction? Offices of the Institution: Change in Occupational Status.

Employees’ Old-Age Benefits Institution provides following benefits to the insured person or its survivors. In the said act after section 12 following new eobk shall be inserted, namely: Pakistan federal departments and agencies Age pension systems Government of Zulfikar Ali Bhutto establishments in Pakistan Government agencies established in Pensions in Pakistan.

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