Types of EOBI Pensions

Employees Old-Age Benefit Institution (EOBI) was established in April 1976 and it aims to provide retirement benefits to retired employees after quitting their jobs. This program promotes the well-being of the citizens who have no source of income after their retirement. EOBI helps provide financial support to Private sector employees and facilitates them with pension benefits. In this article, we will learn about EOBI pension types, the claiming process, checking the claim status, etc. Also read, EOBI Pension Application and EOBI Tracking

What is EOBI Pensions?

Employees Old-Age Benefit Institution (EOBI) is an integrated program for private sector employees that provides financial assistance by issuing pensions. It is associated with establishments and industries to collect, register, and analyze data on employees according to their ages and salaries. It identifies the employees who are already linked with any private or government insurance program and also identifies employees who will have no income source after their retirement.

EOBI collects a minimum amount of 6% as a contribution amount from employees’ salaries monthly. Afterwards, it maintains the fund-providing scenario and provides pensions according to its laws and policies.

Types of EOBI Pensions:

Here is an overview describing EOBI Pensions as follows:

Types of EOBI Pensions

Old Age Pension:

Women 55 years of age and man with 60 years of age get pensions after their retirement according to the EOBI Pension program. It is required to get a pension the pensioner should be a worker of an organization or industry for a minimum of 10 years. According to other EOBI news, employees can get pension benefits after completing 15 years in an industry or organization as an employee or worker.

Invalidity Pension:

EOBI provides pension benefits to disabled persons who cannot do any job or go for earning an income, it is referred to as EOBI Invalidity Pension. This pension benefit applies to persons who are disabled, injured, or unable to do any job. If the invalidity of a person is clarified according to the Insured Employee Act, then the EOBI Pension benefits are provided with a condition of contributing for 5 years.

Survivor Pension:

If a person provided his/her services as an employee to any organization or industry and was also insured with the EOBI Pension program for a minimum of 36 months and died; then if he has family such as a spouse or children Survivor Pension is provided to that person’s family.

Old Age Grant Pension:

This EOBI Grant is only applicable to the persons who are insured with the program otherwise not. If they contributed for more than 15 years and not less than 4 years according to their ages as women with 55 and men with 60. This grant is provided to the eligible persons as a lump sum amount of their contribution.

Estate Pension:

A child without having a surviving spouse or an injured person without any family can get the EOBI Estate Pension. After reaching the age of 18, the child can get a pension amount to fulfil his/her basic needs or education. In case no children, then the pension amount will be provided to the deceased parents for 5 years.

How to Claim Your Pensions with EOBI?

Employees have to register for the program on the EOBI official online portal and meet the eligibility criteria for getting the pension benefit. The EOBI Employees Facilitation System is an online system where insured persons can login, provide details, and register for further proceedings. Here are the following steps to claiming your EOBI pensions:

  • Visit the EOBI official site or EOBI Login Portal
  • Click on the option “EOBI Insured Person”.
  • Enter your CNIC number and EOBI Registration ID.
  • Track the details related to funds or pensions.
  • Submit essential required documents to the nearest EOBI centre.
  • Claim the form after submitting and verifying the documents.
  • Fill out the Claim Form, you will get an EOBI Pension card within 30 days.
  • Now you can get your pension amount from your bank that is registered with the program.

Checking the EOBI Pension Claim Status Online:

  • Visit the official EOBI site (http://www.eobi.gov.pk/)
  • Select the option “Pension Claim Status”.
  • Enter your EOBI Registration ID and CNIC Number.
  • Check the Claim Status.

Conclusion

Employees Old-Age Benefit Institution (EOBI) program advances the prosperity of the residents who have no type of revenue after their retirement. EOBI offers monetary help to Private area representatives and works with them with annuity benefits. EOBI Pension types are Old Age Pension, Invalidity Pension, Grant Pension, Surviour Pension, and Estate Pension. Employees Old-Age Benefit Institution (EOBI) is an incorporated program for private area representatives that gives monetary help by giving benefits.

FAQ’s

EOBI Pension types are Old Age Pension, Invalidity Pension, Grant Pension, Surviour Pension, and Estate Pension.

To get or apply for Old Age Pension, the age criteria is for men 60 years and for women 55 years for getting EOBI Pension benefits after their retirement.

Yes, you can check your EOBI Pension Claim status online by visiting the EOBI Official website and providing credential details.

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