No financial loss in fiscal year 2018-19 due to pension increase: EOBI.

ISLAMABAD -- The Employees Old-Age Benefit Institutions (EOBI) Wednesday pointed out that it had not sustained any financial loss during financial year 2018-19 due to previous increase in pension amount from Rs 5, 250 to Rs6, 500. Clarifying a news item published in a national daily, saying 'EOBI to further record loss of Rs 18 billion annually', the EOBI, in a statement, said the department's annual budget stood at Rs 50.96 billion during the fiscal year 2018-19. Giving breakup, it said the EOBI had collected Rs20.75 billion from the registered employers and received grant of Rs2.49 billion from the federal government, besides generating income of Rs 27.41 billion from its annual investments. The annual budget in the last fiscal year also included other income amounting to Rs310 million. Out of total annual budget, the EOBI disbursed around Rs31.74 billion among its pensioners during the last fiscal year while Rs1.7 billion were

spent in terms of administrative management expenses. The EOBI pointed out that it had kept a surplus budget of Rs 17.44 billion...