EOBI disburses Rs 33 bln to pensioners, generates Rs 21 bln revenue

Jan 02, 2020: The Employees Old Age Benefits Institution (EOBI) has disbursed Rs33 billion among 623,000 beneficiaries through various projects, besides generating Rs21 billion revenue during fiscal year 2018-2019.

“The EOBI will be paying Rs 40 billion to the pensioners by June, 2020 as the institution had already raised their annuity by 30 per cent this year,” EOBI Chairman Azhar Hameed told APP on Thursday.

The EOBI has announced to increase the pension amount from Rs6,500 to Rs 8,500 in the last month of 2019.

He said the EOBI’s revenue collection had increased by over 15 per cent in the financial year 2018-19 as compared to the corresponding year when it stood at Rs 18.23 billion.

“EOBI has set Rs 23 billion target for the current fiscal year and has already generated Rs 11.5 billion revenue in the its first half,” he said.

Azhar said reforms were being introduced in the EOBI to transform it into a service-delivery organization as per the vision of Prime Minister Imran Khan, adding the automation of the EOBI operations was in process to bring transparency in its affairs.

He said the digitalization programme, consisting eight components, was aimed at changing its role from internal enforcers to service-delivery institution. The project’s PC-I had been sent to the Planning Commission which had recently formed the Development Working Party (DWP) to review the project, he added.

After getting the approval from DWP and EOBI Board, the chairman said the contract would be awarded to the competent and professional company as per PPRA rules. The project would be launched in March, 2020, he added.

The project, involving Rs 500 million cost included Enterprise Resource Planning Software, Data centre, Call centre , E-office, E-procurement and others.

Under the project, he said the EOBI would launch mass media awareness campaigns, besides establishing linkages with some offices like Security Exchange Commission of Pakistan (SECP) and National Database Regulatory Authority (NADRA).

To another query, Azhar said only 60 per cent EOBI-registered employers were paying their proper and due contribution after the 18th Constitutional Amendment. However, the Council of Common Interest (CCI), in its recently held meeting, had decided to keep the EOBI as a federal subject which would make mandatory for 40 per cent defaulters of the EOBI to submit their contributions.

APP