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ISLAMABAD, Apr 28 (APP):Federal Minister for Overseas Pakistanis and Human Resource Development, Chaudhry Salik Hussain, received a briefing on the Employees’ Old-Age Benefits Institution’s (EOBI) performance for the first three quarters of the fiscal year 2024-25 on Monday.
The minister was informed that after Chairman EOBI’s retirement in September 2024, Dr. Jawaid A. Sheikh, the senior-most officer, took over as Acting Chairman and successfully improved the institution’s service delivery and performance under the guidance of the Federal Minister and Federal Secretary, Dr. Arshad Mahmood.
Federal Minister Chaudhry Salik Hussain maintains close oversight of EOBI’s performance, receiving weekly reports from its management. His focus on transparency and meritocracy has led to notable improvements.
The institution recorded a historic revenue of Rs. 116 billion during the first three quarters of FY 2024-25, reflecting an unprecedented 40% growth.
After disbursing pensions and covering operational expenses, EOBI successfully added Rs. 72.23 billion to its fund within just nine months, the Minister was briefed.
The incumbent Chairman introduced significant reforms, including the implementation of the “Formula Pension,” resulting in higher pensions for long-serving workers.
He also championed the restoration of minimum pensions for retirees of establishments entangled in legal disputes over contribution rates.
Under his leadership, high-level Board meetings were conducted, leading to the Board of Trustees’ (BOT) approval of a proposal to increase the minimum pension by 15% effective from January 1, 2025.
This landmark decision is now awaiting final approval from the Federal Cabinet and is set to benefit approximately half a million pensioners, with an estimated annual financial impact of Rs. 10 billion.
Facing a severe shortage of human resources – operating at only 38% of its sanctioned strength – EOBI’s service delivery was being hampered.
Recognizing this, the current management expedited the recruitment process of candidates selected through a rigorous testing process conducted by LUMS.
With the conclusion of the induction phase, the new officers are expected to join the institution shortly, further strengthening its operational capacity.
Federal Minister Chaudhry Salik Hussain expressed satisfaction over EOBI’s extraordinary performance and reiterated his commitment to transforming the organization into a self-sustained, transparent, and high-performing institution. He directed the management to expand the coverage of EOBI’s social protection schemes, particularly by advocating for amendments in the law to include establishments with fewer than 10 employees that is for universal coverage and sectors currently exempted under the EOB Act, such as agriculture, financial institutions, domestic workers and statutory bodies.