About EOBI

• Enactment

• Audit

• Legal Frame Work

• Tripartite Corporate Management & BOT

• Organization Chart

• Contribution

• Functions of EOBI

• ACT

• Function of Regions

• Corporate Management of EOB Scheme

• Registration of Employers & IPs under EOB Act 1979

• Pension

Enactment

EOB Act 1976 was enforced with effect from April 01, 1976, to achieve the objective of Article 38 (C) of the Constitution, by providing for compulsory social insurance. It extends following benefits to insured persons or their survivors:-,

• Old-Age Pension

• Survivor's Pension

• Invalidity Pension

• Old-Age Grant

Functions of EOBI

• Identification & Registration of Establishments and Industries.
• Identification & Registration of Insured Persons
• Collection of Contribution
• EOB Fund Management
• Provision of Benefits as per Laws

Audit

Legal Frame Work

Function of Regional Offices

Registration of Employers and Employees

• Registration of Employers and Employees

• Collection of Contribution

• Verify contribution from Employer's record & raise notices to recover arrears

• Visit to bank branches to oversee the work of contribution collection and disbursement of pensionery benefits

• Record building of Employers, Employees and Pensioners

• Pre-audit of claim cases

• Pre-audit of management expenses made though imprest account

• Pre-audit of Demand & Show-cause notices

• Dealing with Commercial audit

FUNCTIONS OF DISPUTE RESOLUTION COMMITTEE:

--- To resolve problems regarding

• Registration of Employers and Employees

• Contribution from Employers

• Settlement of cases

--- Circular No. 6 of 2005-06

MEMBERS OF COMMITTEE:

• Regional Head (Convener)

• Representative of Employer on BOT (Member)

• Representative of Employee on BOT (Member)

Network of 31 Regional Offices across  Pakistan

Tripartite Corporate Management & BOT

EOB Act 1976 was enforced with effect from April 01, 1976, to achieve the objective of Article 38 (C) of the Constitution, by providing for compulsory social insurance. It extends following benefits to insured persons or their survivors:-,

• Old-Age Pension

• Survivor's Pension

• Invalidity Pension

• Old-Age Grant

< Composition of the Board >

Corporate Management of EOB Scheme

Organization Chart

Registration of Employers & Insured Persons under EOB Act 1976

• When an industry or a commercial establishment has 10 or more employees or if any industry or commercial establishment employing less than 10 employees voluntarily opt to be included in the scheme

• Provided that for the industry or establishment set up on or after first day of July, 2006 the number of persons shall be enhanced from “ten” to “twenty”

Contribution

RATES:

• Since 1986, Federal Govt. was contributing an amount equal to that collected from the employers. By Finance Act 1995, the Law was amended to provide that:

“ THE FEDERAL GOVT. MAY MAKE SUCH CONTRIBUTION TO THE INSTITUTION AS IT MAY DETERMINE FROM TIME TO TIME.”

SELF ASSESSMENT SCHEME:

• Deleted  w.e.f. July 01, 2005.

PROCEDURE OF COLLECTION:

• Arrangement with authorized branches of National Bank of Pakistan Limited

Pension

Kind of Pension/Benefits:

• Old-Age Pension

• Survivor's Pension

• Invalidity Pension

• Old-Age Grants

Pension Formula:

                          (Avg. monthly wages x No. of yrs of Insurable Employment)
                                                                                      50

Pension Rates: