Federal cabinet approves 15pc increase in EOBI pensions

Islamabad: The federal cabinet approved on Wednesday a 15% increase in the pension of the Employees Old Age Benefits Institution (EOBI).

The decision was made during the federal cabinet meeting chaired by Prime Minister Shehbaz Sharif today.

The hike in EOBI pensions will be effective from January 2025

The cabinet approved it on the recommendation of the Ministry of Overseas Pakistanis and Human Resource Development, which will manage the increase in the pensions.

During the meeting, the PM directed the formation of a Cabinet Committee on Institutional Reforms in the EOBI.

The committee will consider reforms in the institution as well as proposals for the provision of old age benefits to employees of the informal labor sector, such as domestic workers, farm workers, and workers in other such sectors who have so far been neglected.

Moreover, on the recommendation of the Ministry of National Health, the cabinet approved a further five-year exemption on the import of anti-cancer, cardiac, and life-saving medicines used in hospitals and related health institutions.

The medicines will only be available in hospitals and relevant institutions, and their open market sale will be prohibited, and prior approval from the licensing authority will be required for their import.