ISLAMABAD, July 22 (TNS): Old Age Benefits Institution (EOBI), providing monetary benefits to workers through various programmes, has disbursed an amount of Rs17.922 billion to 405,460 beneficiaries during first three quarters of last fiscal year.
The EOBI provides monetary benefits to old age workers under programmes such as Old Age Pension, Invalidity Pension, Survivors Pension and Old Age Grants.
Statistics showed on Saturday that during the period the benefits disbursed to 248,740 beneficiaries under old-age pension head and amount was Rs11.279 billion, the number of survivors’ pension beneficiaries was 148,829 and Rs6.327 billion were disbursed to them, the number of invalidity pension beneficiaries was 5,660 and amount disbursed to them was Rs245 million while old- age grant was disbursed to 2,231 beneficiaries and amount was 70.836 million.
An additional amount of Rs6.728 billion was also allocated for Old-Age Pension, Survivors Pension, Invalidity Pension and Old- Age Grants to disburse it to 24,050 more beneficiaries. The data further revealed that pensions are paid on monthly basis. The minimum pension is Rs5, 250 per month which may raise upto Rs10,920 depending upon period of insurance and wages of the insured person at the rate of Rs13,000. Old-age grant is paid in lump sum equal to one month’s average wages of the insured person for every completed year of insurable employment.