EOBI ACT PDF

Mezik The details of the beneficiaries are given in the table below. Dear reader, please upgrade to the latest version of IE to have a better reading experience. In section 12 after sub-section 3 new sub-section 4 will be added, namely. By using this site, you agree to the Terms of Use and Privacy Policy. ONE has to look harder and harder to discern the economic message and direction of the government.

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On Labour Day May 1 the prime minister had announced that the age limit for entitlement to EOBI pension to be 50 years instead of 55 years in respect of the Kankunan meaning miners, which was misunderstood as Karkunan meaning workers. Under Section 22 of the Employees Old-Age Benefits Act, , age limit for men was fixed at 60 and 55 for women through an amendment in the Act in In the case of miners, in it was reduced to 55 for those who had worked for at least 10 years in this occupation immediately preceding their retirement.

In most organisations, the retirement age for employees, especially men, has been fixed at Therefore, it appears logical that institutions like EOBI should also start paying the pensions from this age. The age relaxation in the case of miners is understandable as the occupational hazards contribute to affecting their health adversely. Moreover, thousands of new pensioners are added to the EOBI scheme every year; hence, its survival becomes difficult unless huge funds are constantly pumped in by the insured organisations.

Fixing lesser age for pension eligibility may cause total collapse of the scheme. I want to bring to the notice of EOBI officials the difficulties employers of a large workforce are facing in receiving the registration cards of their new employees. The process of filling out registration forms and the completion of other related formalities of new employees are done by the employers, who transmit them to EOBI electronically. The employers are, therefore, not aware whether or not their new employees have received the cards.

On the other hand, the employees keep asking the employer about the same. I therefore request that the previous system of handing over the completed cards to employers be revived for the convenience of all.

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EOBI ACT PDF

Sajas Amendment in Section 12 A. The declaration so made shall be accepted without any question provided no demand of contributions previously created remains outstanding against such empl 2 Any employers who is acct registered under normal pension scheme and opts for registration under self assessment scheme shall not decrease the total amount of contributions and number of insured persons already registered immediately prior to exercising his option for self assessment scheme. Since there has been no increase in the rate of pension for a long time, the pensioners are frustrated, especially due to unprecedented inflation. T he existing section 11A shall be renumbered as section 11B. Short title and commencement: Short title, extent and commencement: Offices of the Eeobi This contribution constitutes half of the total contribution while remaining half comes from the Government of Pakistan.

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Sindh govt all set to take over centre-run EOBI

On Labour Day May 1 the prime minister had announced that the age limit for entitlement to EOBI pension to be 50 years instead of 55 years in respect of the Kankunan meaning miners, which was misunderstood as Karkunan meaning workers. Under Section 22 of the Employees Old-Age Benefits Act, , age limit for men was fixed at 60 and 55 for women through an amendment in the Act in In the case of miners, in it was reduced to 55 for those who had worked for at least 10 years in this occupation immediately preceding their retirement. In most organisations, the retirement age for employees, especially men, has been fixed at Therefore, it appears logical that institutions like EOBI should also start paying the pensions from this age. The age relaxation in the case of miners is understandable as the occupational hazards contribute to affecting their health adversely. Moreover, thousands of new pensioners are added to the EOBI scheme every year; hence, its survival becomes difficult unless huge funds are constantly pumped in by the insured organisations.

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According to sources, the EOBI Act, was enforced with effect from April, with an aim to achieve the objective of Article 38 C of the Constitution of Pakistan, for providing compulsory social insurances. It extends Old-Age Benefits to insured persons of their survivors. Prior to the devolution, the Federal Board of Revenue was collecting six percent of salaries out of which 5 percent was from the employers and one percent was from the employees, securing the workers, sources said. The FBR collects the amount, forwards it to the Ministry of Finance, and the provinces are supposed to furnish schemes aimed at welfare of the labourers and the amount used to be transferred to provincial governments. Now the Sindh government has authorized the Sindh Revenue Board to collect the funds from the employers and employees and maintain the data of the workers and the funds, sources added.

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Sazshura Party atmosphere set to sweep across major cities in Asia and other continents as the clock ticks past midnight. The Institution shall, at intervals of not more than three years, have an actuarial valuation made in the prescribed manner of its assets and liabilities and no change in rate of contribution or benefit under this Act shall be made without proper actuarial valuation. Provided that no contributions shall be payable in respect of an insured person who is in receipt of pension under this Act or has attained the age of sixty years, or fifty-five years in the case of a woman. BOTH decision and timing are scarcely believable and will surely give more ammunition to those quarters denouncing Employees Old-Age Benefits Institution.

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