KARACHI: The contributions being received by the Employees’ Old-Age Benefits Institution (EOBI) are far less than the amount being handed out in pension payments annually, said EOBI Chairman Khaqan Murtaza on Tuesday.

Addressing a meeting presided over by Federal Minister for Overseas Pakistani and Human Resource Development Pir Sadruddin Shah Rashidi, Mr Murtaza said 40,000 new pensioners are added annually.

Sharing details of the financial deficit faced by EOBI year after year, he said that in 2014-15, EOBI collected Rs13.6 billion contribution, but disbursed Rs16.3bn amongst registered pensioners. In 2015-16, it received Rs15.3bn while disbursements were Rs22.8bn.

The EOBI chairman briefed the federal minister that the institution has established CNIC-based data for insured persons throughout the country. In case of change in employment, his/her contribution may be deposited in the CNIC-based EOBI account accordingly, he added.

On the occasion, Mr Rashidi directed the EOBI chairman to approach the State Bank governor for connecting Bank Alfalah ATM cards with 1LINK. He said this will allow pensioners to receive their pension payments without deduction of Rs17 for transactions from banks other than Bank Alfalah.

The minister also directed the EOBI to launch a countrywide national awareness campaign for workers belonging to the private sector so that deserving employees are not deprived of their fundamental right of pension.

Mr Rashidi also advised the EOBI to improve its investment activities in profitable schemes to come out of deficit.

Published in Dawn, September 20th, 2017