ISLAMABAD: The Employees Old Age Benefits Institution (EOBI) would initiate direct registration of employees from January 2020, announced EOBI Chairman Azhar Hameed.
Speaking at the Islamabad Chamber of Commerce and Industry (ICCI) on Thursday, Hameed said EOBI would introduce an online system next year, which would facilitate the registered employees.
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“Multiple reforms are being initiated in the Employees Old Age Benefits Institution to make it a service-oriented organisation and promote transparency in its work, which will be visible after a few months,” he said. “EOBI will not disturb any business establishment as there is zero tolerance in this regard.” Hameed said if any company faced any kind of harassment from the Employees Old Age Benefits Institution , it should be brought into the institution’s notice and immediate action would be taken against the responsible person.
Taking about pension funds, he said they were managed by the federal government but after the 18th Constitution Amendment, the EOBI was devolved to the provinces due to which the organisation faced many problems.
“Many establishments got registration cards for their employees but failed to contribute funds,” he regretted and stressed that the business community should cooperate with the EOBI in resolving such issues. He reassured businessmen that investment made by the EOBI was safe. He pointed out that the issue of construction of Employees Old Age Benefits Institution buildings was being resolved and the unfinished projects would be completed in a few years.
“It will improve financial health of the organisation and enable it to further increase minimum pension for the registered employees,” Hameed added.
He also agreed that the EOBI would establish a facilitation desk at the ICCI to resolve related issues of the business community. Speaking on the occasion, ICCI President Muhammad Ahmed Waheed said the EOBI’s minimum pension of Rs6,500 was insufficient during this time of high inflation and suggested that the monthly pension should be raised to Rs10,000-15,000.
Published in The Express Tribune, November 22nd, 2019.