EOBI is a relief program for private sector employees. It is developed for the welfare of employees who do not get any compensation from the government of Pakistan as an employee. So this is a perfect economical support for all the employees who are not getting any benefits from the government. If you are associated with EOBI and you want to know what is EOBI contribution rate is for employees and employers then you need to read this guide.
Now we will discuss the contribution rate that every employee needs to pay if he wants to get pension after retirement.
What is the EOBI Contribution for Employees?
So you are an EOBI insured employee and you want to know what is the percentage of your pension contribution that you are paying to EOBI then you are at the right website. Here is what you need to pay as a pension contribution.
All employees have to pay 1% of their minimum salary as a contribution to the pension program. This amount will be deducted every month from their salaries until they retire.
What is the EOBI Contribution for Employers?
Now if you are an employer and running any company or organization you also need to pay a percentage for the pensions of your employees. You can not skip this as this is endorsed by the government of Pakistan. According to the law Article 38 (C) every employer must need to pay a fixed percentage for their employee’s pension program.
Here is what you need to pay:
All employers are advised to pay 5% of their employee’s minimum salary as a contribution for the EOBI pension program. This is an amount that will be deducted every month from the employers and then it will be stored for the pensions.
What is the Contribution from the Government of Pakistan?
The Government of Pakistan is also a contributor for the pensions of private sector employees. However, the government of Pakistan is contributing 50% of the rest for the pensions of employees. The first 50% of the pensions comes from the employees and employers’ contribution while the other 50% comes from the government of Pakistan.
How is EOBI Contribution Calculated?
The calculation of EOBI pensions is based on the following method:
- An employer will be responsible for the 5% of the minimum of the employee’s salary.
- An employee is also responsible to pay 1% of his minimum salary.
- The government of Pakistan is contributing 50% of the rest for the pensions.
So this is how we calculate the EOBI pensions for employees. This is a method that you can use to take an estimate about your pensions after retirement.
EOBI Contribution Payment Slip
If you want to get your EOBI contribution payment slip then you need to visit the official website. The official website is under the government of Pakistan where you can login to your account and then check the contribution payment slip easily.
EOBI Contribution Payment Slip form Bank Alfalah
If you are a Bank Alfalah EOBI card holder then you can check your contribution payment slip on the website of Bank Alfalah as well. Here is how to do it:
- Go to https://www.bankalfalah.com/personal-banking/branchless-banking/eobi/.
- Now click on the Login button and choose your preferred method to login to your pension account.
- From the dashboard of your account, you can check the contribution payment slip and check the previoud records as well.