ISLAMABAD
Federal Minister for Overseas Pakistanis and Human Resource Development, Chaudhry Salik Hussain, received a briefing on the Employees’ Old-Age Benefits Institution’s (EOBI) performance for the first three quarters of the fiscal year 2024-25 on Monday.
The minister was informed that after Chairman EOBI’s retirement in September 2024, Dr. Jawaid A. Sheikh, the senior-most officer, took over as Acting Chairman and successfully improved the institution’s service delivery and performance under the guidance of the Federal Minister and Federal Secretary, Dr. Arshad Mahmood.
Federal Minister Chaudhry Salik Hussain maintains close oversight of EOBI’s performance, receiving weekly reports from its management.
His focus on transparency and meritocracy has led to notable improvements.
The institution recorded a historic revenue of Rs. 116 billion during the first three quarters of FY 2024-25, reflecting an unprecedented 40% growth. After disbursing pensions and covering operational expenses, EOBI successfully added Rs. 72.23 billion to its fund within just nine months, the Minister was briefed.
The incumbent Chairman introduced significant reforms, including the implementation of the “Formula Pension,” resulting in higher pensions for long-serving workers. He also championed the restoration of minimum pensions for retirees of establishments entangled in legal disputes over contribution rates.
