EOBI collects Rs 1609 millions from employees from Jul 2012-Aug-2013
Islamabad (Saturday, October 26, 2013) – Employees Old Age Benefit Institution (EOBI) collected Rs 1,609 million from employees working in industries during the period from July 2012 to August 2013. According to official sources, during the period of July 2012 to June 2013, Rs 1,406 million were collected in the Old Age Benefit Fund while in the period of July to August 2013 Rs 203 million were received.
According to Old Age Benefit Act 1976, employees are required to make contribution of 1 percent of the minimum monthly wage of unskilled workers as per Minimum Wages Ordinance.
The employers deduct the due amount every month from wages of employees. All contributions paid under EOB Act 1976 are deposited into EOB Fund including one percent contribution from employees’ salary and five percent contribution by employers. EOBI have been investing billions of rupees of these funds in fixed income and equity funds and real estate.
