EOBI ACT PDF

An Act to repeal and re-enact the Law relating of Old-Age benefits for up under any law shall not be treated as an employee under this Act. THE Employees Old-age Benefit Institution (EOBI) Act was enforced with effect from April 1, , to achieve the objective of Article 38 (C). The Employees’ Old-Age Benefits Institution (EOBI) is the pension, old age benefits and social It came into formation in , through the passage of the Employees’ Old-Age Benefits Institution Act of by the Parliament of Pakistan .

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Employees’ Old-Age Benefits Institution. Amendment of section 23, Act XIV of Also, provincial employees lose the health insurance benefit the moment they retire from the work which is the time they need the health insurance benefit the most.

The highups of the EOBI should increase the pension amount to a reasonable level so that old couples may survive honourably.

Sobi from ” https: Provided that the Institution may direct an employer to preserve such record for a longer period, if so required.

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Amendment of section 8, Act XIV of Notwithstanding proof of age filed by the insured person, the Institution acf the right to call for such other proof of age as it may deem fit. Amendment of section 12, Act XIV of Amendment of section 2, Act XIV of The following Schedule II shall be appended to the Act: Basic Rate of Old age pension, Survivors pension and Invalidity pension.

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Updated December 30, Pressure on the press A government-controlled body to run the affairs of newspapers is not in sync with the modern concepts of rule. Retrieved 9 August Offices of the Institution: Insertion of Sub-Section 4 in Section 12 of the Act, EOBI operates on the partially funded basis.

Employees Old-Age Benefits Institution

Amendment of section 37, Act XIV of Amendment in section 23 of the Act XIV of BOTH decision and timing are scarcely believable and will surely give more ammunition to those quarters denouncing Amendment of section 22, Act XIV of Payment of contributions and liability of Employer: It is estimated that the fund will be completely exhausted by It is estimated that the current contributions and return from investment will not be sufficient to cover the benefit payment and administrative expenses by Dear reader, please upgrade to the latest version of IE to have a better reading experience.

The pensioners are still receiving Rs3, a month. Provided that checking of record in case of those employers who have not opted for Self-Assessment Scheme shall only be done once in a year, with fifteen day’s prior notice, by an officer not below the rank of Assistant Director. From Wikipedia, the free encyclopedia. The Institution shall accept the declaration so made by the employers, provided that the number of employees declared and amount of contribution paid is not less than the amount payable in the preceding year.

Whereas it is expedient further to amend the Employees Old Age Benefits Act, for the purposes hereinafter appearing.

An insured person typically becomes eligible to get pension after reaching the age of 60 and completing 15 years of insured service. Meetings of the Board. Daily wages, for the purpose of contributions, shall be calculated on the following basis: Employees share of Contribution.

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Amendment of section 44, Act XIV of The declaration so made shall be accepted without any question provided no demand of contributions previously ekbi remains outstanding against such empl 2 Any employers who is already registered under normal pension scheme and opts for registration under self xct scheme shall not decrease the total amount of contributions and number of insured persons already registered immediately prior to exercising his option for self assessment scheme.

Amendment in Schedule The schedule appended with the Act, shall be substituted with Schedule-I, namely: As per numbers there are over 2 lakh beneficiaries of these scheme.

Change in Occupational Status.

Normally, a fixed pension of Rs3, a month is being paid to the workers. The declaration so made shall be accepted without any question provided no demand of contributions previously created remains outstanding against such empl.

The employer and insured person of an establishment or Industry registered in Universal Self-Assessment Scheme under Section 12B, shall pay contribution at the rates as specified in the following table: Short title and commencement: It is said that the main culprit, who is responsible for the alleged corruption in the deal, is absconding along with the money.

Insertion of Section 11A.

Employees’ Old-Age Benefits Institution

December 31, Eobii direction? The insured person as well as the employer of the insured person are supposed to make contribution to EOBI during the period of insurable employment. No of days for which Salary is paid. T he existing section 11A shall be renumbered as section 11B.

Employees’ Old-Age Benefits Institution provides following benefits to the insured person or its survivors.