The Employees Old Age Benefits Institution
Introduction; The Employees Old Age Benefits Institution
- The Employees Old Age Benefits Institution: The scheme of EOBI becomes applicable to every industry or establishment, wherein 5 or more persons are employed directly or through any other person on any day during the preceding twelve months.
- The employer will become liable to get itself registered within one month whenever the scheme of EOBI applicable.
- The employer is also responsible to get its employees enrolled with the Institution.
- Employer & ee both contribute in this scheme.
- It is only National Pension Plan of the Government of Pakistan.
- Monthly Contribution
- Employer contributes @ 5% of applicable minimum wages (13,000/-)
- While employee contributes @ 1% of applicable minimum wages.
- Last date for submission of monthly contribution is 15th of every month
- In case of non-payment of the EOBI contribution, the penalty can be imposed up to 50% of the principal amount.
Monthly Compliance
- The Employer is required to Submit PR-02A Form on web portal of EOBI
- Wherein the information of employees are declared.
- The Employer informs the Institution about the new employees, existing employees and left employees.
- After submitting the PR-02A, the online payment challan is generated.
- The generated challan needs to be submitted into any branch of Bank Alfalah Limited
Benefits
- The Insured person will be entitled to monthly old -age pension minimum at Rupees. 5,500/-.
- For entitlement of Pension, the contribution should be deposited at least 15 years.
- In case, if the contribution is less than 15 years, a lumpsum pension would be given to the insured person.
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