People who have retired from companies which do not pay monthly pensions after retirement have no source of income at all. Unfortunately, none of the previous regimes announced any policy that could provide relief to such employees who are left with no money after their retirement. Some companies pay provident fund at the time of retirement and retirees invest the amount in different state-owned national saving schemes to get nominal monthly profits to meet their expenses. In these times of ever-increasing food inflation in the country, the federal government needs to provide assistance to such people by increasing the Employees' Old-Age Benefits Institution (EOBI) pensions to Rs15000 as promised at the start of its term. A long-term policy to safeguard such employees is also needed.
Engr Asim Nawab
Islamabad
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