ISLAMABAD          -      The Employees’ Old-Age Benefits Institution (EOBI) has released an amount of around Rs.5.8 billion to pay three-month arrears to its 400,000 registered pensioners along with current-month pension, raised by the government recently from Rs 6,500 to Rs 8,500. 

“Rs 14,500 will be transferred to each pensioner’s bank account within next four days. It includes pension of current month and Rs 6,000 arrears of previous three months (April, May and June),” EOBI Chairman Azhar Hameed said on Sunday. 

He said the delay in approval of recent increase in pension was occurred due to actuarial valuation of the EOBI on the instruction of Ministry of Law and Justice. The arrears of January, February and March had already been paid. He said the recent raise of Rs 2,000 was announced by the EOBI in the start of this year which was approved by the federal cabinet due to active persuasion of Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari.

“The government intends to take the pension to Rs 15,000 during its five year-term by giving an overall 130 per cent raise. By the grace of Allah Almighty, we will achieve this target,” said SAPM Zulfikar Bukhari in a recent interview.