Rs21bn revenue target achievement helps pass on 'double-relief' to EOBI beneficiaries: Chairman

The EOBI would release an amount of Rs 2.4 billion before end of this month to pay the pensioners.

ISLAMABAD (Dunya News) – Employees Old-Age Benefits Institution (EOBI) Chairman Azhar Hameed on Sunday said the present management’s successful achievement of the set target of Rs 21 billions through recoveries and contributions helped pass on “double relief” to its pensioners and insurees before Eid-ul-Azha.

The EOBI would release an amount of Rs 2.4 billion before the end of this month to pay the pensioners increased annuity along with the outstanding dues of three months, he said.

“Each retired employee registered with the EOBI will get increased pension of Rs 8,500 coupled with Rs 6,000 arrears of three months (April, May and June). In total, Rs 14,500 will be transferred to each pensioner’s account before Eid-ul-Azha” he said.

Highlighting the present management’s initiatives that helped improve financial health of the EOBI, the chairman said the department had made tireless efforts to bring significant increase in its recoveries and contribution.

Azhar said the EOBI revenue collection was Rs 18.23 billion during the fiscal year 2017-18 which witnessed marked increase of 15 per cent and ballooned to Rs 20.7 billion in calender year 2018-19. “We have successfully achieved the target of Rs 21 billion set for the 2019-20 financial year,” he noted.

Additionally, he said the EOBI had ramped up its efforts to launch ‘EOBI Sahulat Card’ by the current month-end for providing up to 10 percent subsidy to its around 8 million insured persons and pensioners on purchase of staple food from the utility stores.An agreement to this effect has recently been signed between the Employees’ Old-Age Benefits Institution (EOBI) and Utility Stores Corporation (USC) for launching the facility by the next month-start, he added.

Azhar said “In a first, there will be a soft launch of initiative and hundreds of people would be provided the cards.”

Later, the EOBI would start issuing cards to all of its beneficiaries, verified by the National Database and Registration Authority (NADRA).

The initiative,he said, was meant to provide five staple foods such as wheat flour, oil, rice, grains and pulse to the EOBI beneficiaries at the subsidized rates.

Commenting over both the initiatives of the EOBI for providing relief to the pensioners, Shahid Sygel, an EOBI pensioner, said the steps taken by the government for the EOBI pensioners were a true manifestation of the promise made by Prime Minister Imran Khan for transforming the country into Medina-like state.

“We hope that the government will fulfill its vowed promise to raise the EOBI pension to Rs 15,000 by the end of its tenure,” he remarked.