Labor Laws

Topics: Old age, Retirement, Employment Pages: 2 (447 words) Published: January 9, 2013

Employees Old-Age Benefits Institution (EOBI) is the primary public social security scheme for workers in Pakistan providing pensions to workers. In many labor laws remedial, beneficial and welfare clauses and sections were provided but none from these laws or others provide such coverage of the old-age risk thus it was necessary to make a law that can provide security in the eve of old age when a man becomes handicap to work hard, condition of invalidity and in the case of death of a worker / employee the pension to the widows and orphans. EOBI is a prime welfare organization responsible for payment of pension benefits to industrial, commercial workers, etc., in the light of Article 38(c) of the constitution of Pakistan. The institution collects six per cent of the wages from employers and employees and pays pensions to over 400,000 workers by generating income from investments in government securities, equities and real estates. EOBI is making all out efforts to serve the senior citizens of the country as it aims to provide social security benefits to every earning citizen of Pakistan. The minimum pension has been enhanced from Rs 3000 per month to Rs 3600 per month with effect from January 2012. EOBI is playing a significant role in alleviating poverty because millions of families are getting fully facilitated benefits from the EOBI scheme. It is in the priorities of the media officials to launch an effective national awareness campaign through the print and electronic media to educate the masses in general and stakeholders in particular about the benefits and facilities offered by EOBI. Keeping in view the difficulties of respected pensioners standing in big queues, we have introduced a new avenue for disbursement of pension through ‘Easy Paisa’ for the comfort and ease of our pensioners. All are being paid pension on revised rates from January 2012. EOBI has guided its old, handicapped and widowed pensioners to go to the...
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