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Pakistan

Web Desk
July 24, 2020

EOBI starts inter-bank funds transfer to expedite transactions

Pakistan

Web Desk
Fri, Jul 24, 2020
Logo of the Employees Old-Age Benefits Institution. — EOBI

Employees Old-Age Benefits Institution (EOBI) on Thursday said it was starting IBFT (inter-bank funds transfer) for its registered employers to ease transactions.

In a statement, the EOBI said: "EOBI aims to ease the process of contribution collection and pension disbursement by all possible means."

"This recent initiative will definitely reduce collection and recovery lead times which will impact the pension holder retirement livelihood," it added.

The Employees’ Old-Age Benefits Institution (EOBI) is the Government institution that operates under the Ministry of Overseas Pakistanis and Human Resource Development. EOBI was formed in 1976, to provide pension, old-age benefits and social insurance to registered employees.