EOBI Employment old-age Benefit institution is under the control of the Ministry of overseas Pakistanis, and human resources development is a government institute for government employees. It formed EOBI in 1976 for the government employees to provide a pension at their old age.
According to EOBI, a registered employee contributes some part of their monthly salary during the period of their employment. The government sets the percentage for each employee, and they return this money at their old age as a pension in their retirement.
Once a person is registered in EOBI, he remains a part of it until he leaves the job and joins another employment. EOBI insured the employee that their money is saved and will help in their old age period.
The pension normally offered at the age of 60 and after 15 to 20 years of service, and that employee who does not work because of illness and claims a pension. This institute ensures its service for those who do government jobs in Pakistan.
EOBI has eligibility criteria for government employees to claim a pension from the government. Therefore, it is important to know eligibility criteria before applying for a pension in EOBI.
EOBI digitalized its database and records online to make it easier for employees to get their pensions or funds. For example, government jobs in Pakistan who reach 55 or 60 can apply for their pension by the following methods.
Above we discuss How to Apply for EOBI Pension and now in the following, you’ll have its benefits. Employment old-age benefits institutes give some benefits to insured or registered employees at their old age. These are the following benefits by EOBI to government employees.
EOBI gives pensions to employees at their old age, which is good for them. The employees who complete their 15-year service and age limit are eligible for pension. An individual gets a pension after retirement and within six months of claiming the pension.
If the employee is disabled for a short time or permanently, he is given an invalidity pension. They started this pension within six months of the claim based on a medical report. However, if the employee disables for a lifetime, then they convert this invalidity pension into a lifetime invalidity pension for an employee.
Survivor’s pension is given to the employee’s parents and widow after his death. As per the EOBI rule, the aged parents and widows are eligible for a survivor pension. The parents take the pension for about five years, and the widow takes it for a lifetime. For example, if the employee does three years of employment, the widow provides a lifetime pension. Even if the widow gets a second marriage, they will provide a pension for their children’s lifetime.
Old age grants are for those who complete their services and get retired but do not meet the pension requirements. This grant pays in a single installment and contains a month’s average wages multiplied by their years of government job in Pakistan.
I hope the above-provided instructions regarding how to apply for EOBI pension will help you, if you still have any questions, let us know in the comment section.