KARACHI, July 15: Labour, Manpower and Overseas Pakistanis Minister Abdus Sattar Lalika on Tuesday asked the Employees Old Age Benefit Institution (EOBI) to go for direct investment and explore viable and more profitable avenues like hydel power generation, which would help ensure welfare of the pensioners.

EOBI should look for high returns and enter into joint ventures with local and foreign companies, specially in hydel sector which he sees as having big prospects, the minister said while presiding over a meeting here at EOBI’s headquarters.

EOBI has so far been making investment in capital market and long-term securities. The minister said the investment of funds in more profitable way, along with increased contributions from employers would help provide honourable life to the pensioners.

The minister, however, appreciated the working of EOBI, which had enhanced the collection of contributions to 20 per cent against the target of 14 per cent. The organization had achieved 33.6 per cent increase in registration of employers in 2002-03 and 23 per cent increase in employees registration against the previous year under its voluntary registration scheme.—APP