EOBI announces pension increase
Minimum pension raised by 40% from Rs10,000 to Rs11,500
The Employees' Old-Age Benefits Institution (EOBI) has announced an increase in minimum pensions, with the new rates set to take effect from January 1, 2025.
The decision was made during a meeting held on Monday, chaired by Federal Minister for Overseas Pakistanis Salik Hussain. The meeting included a briefing on EOBI’s performance over the past three quarters.
According to the briefing, EOBI earned a total revenue of Rs116 billion in the financial year 2024–25, marking a 40% increase in income.
It was revealed that the minimum pension has been raised from Rs10,000 to Rs11,500. Pensions above Rs10,000 will see a 15% increase. The official announcement is expected to be made on Labour Day, May 1.
The briefing also highlighted a proposal to bring businesses with fewer than ten employees under the EOBI law. In addition, a decision has been made to extend coverage to agricultural, domestic, financial, and legal sectors.
-
China to roll out action plan for digital yuan expansion -
Amazon halts plan for 'drone delivery in Italy' just before launch -
Europe’s crypto adoption gains regional momentum; Who’s investing the most? -
Oil prices hike as market weighs supply risks -
Major Warner Bros’ investors reject Paramount's new offer, says ‘not sufficient’ -
Global investors are turning to Chinese AI, here’s why -
ByteDance to boost AI infrastructure spending to $23 billion in 2026 -
Gold peaks at $4,400 for the first time