EOBI achieves target Rs21b: Chairman

Chairman, Employees' Old-Age Benefits Institution (EOBI), Azhar Hameed Sunday said that the present management has been successfully achieved a set target of Rs 21 billions through recoveries and contributions, helping pensioners to get double relief before the Eid-ul-Azha.

The EOBI would release an amount of Rs 2.4 billion by this month-end to pay the pensioners increased annuity along with the outstanding dues of three months, he told in an exclusive interview.

"Each retired employee registered with the EOBI will get increased pension of

Rs 8,500 coupled with Rs 6,000 arrears of three months (April, May and June). In total, Rs 14,500 will be transferred in bank account of each pensioner before the Eid-ul-Azha."

Highlighting the present management's initiatives which led to improvement in financial health of EOBI, the chairman said the department had made tireless efforts to bring significant increase in its recoveries and contribution.

Azhar said the EOBI revenue collection was stood at Rs 18.23b during the fiscal year 2017-18 which witnessed marked increase of 15 per cent and ballooned to Rs 20.7b in fiscal year 201819. "We have successfully achieved target of Rs 21 billion set for the 2019-20 fiscal year," he noted.

Additionally, he said the EOBI had ramped up its efforts to launch 'EOBI Sahulat Card' by the current month-end for providing up to 10pc subsidy to its around 8m insured persons and pensioners on purchase of staple food from the utility stores.

An agreement to this effect has recently been signed between the Employees' Old-Age Benefits Institution (EOBI) and Utility Stores Corporation for launching the facility by the next month-start, he added.

Azhar said the 'EOBI Sahulat Card' initiative would be launched by early next month.