The Employees’ Old-Age Benefits Institution (EOBI) in Pakistan plays an important role in supporting the financial well-being of retired workers, ensuring they have a stable income during their later years. EOBI pensions offer much-needed financial assistance to senior citizens, helping them maintain their dignity and meet their essential needs post-retirement.
If you are a pensioner and are unsure about the types of EOBI pensions available to you, this article will provide you with the essential information you need. Understanding the various EOBI pension types is vital to making the most of the benefits you are entitled to, ensuring a more secure and comfortable retirement.
Types of EOBI Pensions in 2024
Understanding the different types of EOBI pensions is crucial for retirees and their families to ensure they receive the benefits they are entitled to. Here are the main types of EOBI pensions and what each entails:
Old-Age Pension:
The Old-Age Pension is provided to individuals who have reached the age of 60 for men and 55 for women, given they have completed a minimum of 15 years of insurable employment. This pension ensures that retired workers have a consistent income source to support themselves in their retirement years. The amount of the pension is determined based on the average monthly wages of the insured person and their total length of service.
Survivor’s Pension:
The Survivor’s Pension is available to the family members of a deceased insured person. Eligible family members include the widow or widower, minor children, and dependent parents. This pension aims to provide financial stability to the family of the deceased, ensuring they are not left without support. The amount of the pension is based on the insured person’s average monthly wages and their total period of insurable employment.
Invalidity Pension:
The Invalidity Pension is granted to insured individuals who are unable to work due to a permanent disability. To qualify, the individual must have been insured for a minimum period and must be assessed as having lost at least 67% of their earning capacity. This pension helps disabled individuals maintain a source of income, providing financial relief and support for medical and daily living expenses.
Old-Age Grant:
The Old-Age Grant is a lump-sum payment given to individuals who have reached the age of 60 for men and 55 for women but do not meet the minimum requirement of 15 years of insurable employment to qualify for the Old-Age Pension. This grant serves as a one-time financial assistance to help them manage their immediate post-retirement needs.
Understanding these types of EOBI pensions ensures that retirees and their families can make the right decisions and fully utilize the benefits provided to them. If you are a pensioner, knowing these options is essential for securing the financial support you deserve.