EOBI stands for ”Employees’ Old-Age Benefits Institution” and as the name suggests, the institute offers financial benefits to the employees when they get old and retire. But how does it works? Well, when an employee enrolls in the EOBI, he takes a small portion of his monthly salary and adds it to his EOBI account. Then EOBI assures that his money will be kept secure and will be given to him back as a pension after his retirement.
The employee can get his financial benefits after the age of 60 for men and 55 for women, after 15-20 years of administration, and to a representative who is unable to work due to illness and is eligible for an annuity. During the time of insurable employment, the enlisted representative and the enrolled individual’s business are required to contribute some compensation to EOBI. The Businesses are required to pay 5% of the minimum wage and the guaranteed representative must pay 1% of the base rate.
Eligibility:
Before applying for the EOBI program, you must know if you are even eligible for the program benefits or not.
- The individual should be an administration worker since private-area representatives are not qualified.
- All organizations, rather than industry, can join this plan except the representatives of the state, police faculty, military, neighborhood bodies, and other nearby specialists.
- The organization has over five workers who can enroll their representatives for an annuity.
Documents Required for The EOBI:
If you are eligible, you should also make sure which documents are required to get yourself registered in the scheme. The required documents are mentioned below and you have to send these documents to the Office of Director General (Operations), 3rd Floor, EOBI House (Ex Awami Markaz), Main Shahrah-e-Faisal, Karachi.
Documents for insured individuals who are alive
- CNIC Copy. (Front & Back)
- Registration card of EBI P1-03
- Employment Certificate
Documents of insured individuals who are deceased
- CNIC Copy. (Front & Back)
- Registration card of EBI P1-03
- Employment Certificate
- Death Certificate
- Proof of relationship with the deceased
- Marriage Certificate
Once you have confirmed the availability of all the documents and your eligibility, you can finally apply for the EOBI by following these simple steps:
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First, you will have to visit the official EOBI website
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Then, Click on the “Individual Information” option and check your EOBI Registration number using your CNIC number.
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here, you will be able to find all prospective pensioners in the database.
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Once you find your details, you can submit the required documents.
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You can send these documents to your nearest EOBI office.
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After EOBI verifies your documents, you will receive a Pension Claim form.
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Now fill out the form properly and submit it to your Regional Office.
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After the EOBI receives your form, it will start the claim process to grant the pension as soon as possible.
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Finally, when the pension is approved, a Pension Book/Card will be issued to you within 30 working days.
