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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The EOBI scheme in Pakistan provides essential financial security for employees during retirement, ensuring both employers and employees contribute towards pension benefits. This short and concise explanation highlights the importance of the EOBI program in safeguarding the future of workers.
The EOBI scheme in Pakistan provides essential financial security for employees during retirement, ensuring both employers and employees contribute towards pension benefits. This short and concise explanation highlights the importance of the EOBI program in safeguarding the future of workers.