EOBI announces pension hike effective from May 1

The Public Accounts Committee (PAC) was informed that the Employees Old-Age Benefits Institution (EOBI) will now determine the age of its beneficiaries based on Computerized National Identity Card (CNIC) records, rather than relying on matriculation certificates. Additionally, EOBI pensions are set to be increased starting May 1.

During a PAC meeting chaired by Junaid Akbar, audit officials revealed that EOBI had distributed Rs2.79 billion to 5,131 ineligible or fake pensioners.

The audit found discrepancies in age verification, noting that individuals whose dates of birth on CNICs did not match their matriculation certificates had received pensions.

In some cases, underage men and women—below the eligibility ages of 60 and 55, respectively—were granted pensions.

Audit officials stated that the manipulation of age records allowed over 5,000 unqualified individuals to collect benefits.

The current pensioner base stands at around 800,000, and the EOBI fund currently holds Rs600 billion.

EOBI representatives told the committee that only businesses with 10 or more employees are required to register with the institution, and age verification is now being handled through CNIC data, including assistance from NADRA.

PAC Chairman Junaid Akbar emphasized the need for a uniform standard for age verification and directed the ministry to conduct a thorough investigation and report back within a month.

He also requested one month to resolve ongoing discrepancies and data mismatches.

The committee instructed EOBI to complete the remaining recoveries within a month and ensure stricter compliance moving forward.

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