Federal cabinet approves 15% increase in EOBI pensions

(Web Desk): The federal cabinet has approved a 15% increase in the Employees Old-Age Benefits Institution (EOBI) pension.

After the 15% hike in EOBI pensions, the minimum pension has been raised from Rs10,000 to Rs11,500.

Federal Minister Chaudhry Salik Hussain stated that the EOBI pensioners will receive their payments, including arrears, from September 1. He further mentioned that EOBI will release Rs10 billion for monthly pensions, and pensioners with long service records will now be able to receive more than Rs30,000 per month.

The federal cabinet has also formed a committee to include the informal sector, domestic workers, and agricultural laborers under EOBI.

The federal minister emphasized the government's commitment to the welfare and social security of the working class.

It is worth noting that in June, the Senate Standing Committee on Finance had recommended a 50% increase in the salaries of government employees, a 20% increase in pensions for retirees, a minimum wage of 50,000 rupees, and the establishment of a 23,000 rupee pension for EOBI. The committee had also recommended a 20% increase in the pensions of retired employees, instead of the originally proposed 7%, and a 50% increase in government employees' salaries, instead of the proposed 10%.