ISLAMABAD - The committee formed by the Prime Minister to resolve issues faced by the EOBI (Employees Old Age Benefit Institution), after deliberations here on Thursday agreed on formation of a Task Force for administrative and financial restructuring of the institution.

Headed by Finance Minister, Ishaq Dar, the committee was given a detailed briefing by Chairman EOBI who presented a review of the funds disbursed to pensioners in various areas across the country. He highlighted the issues faced by the institution, topped by dearth of financial resources and complications arising in the post-18th amendment scenario. The Chairman emphasised that the institution needed special financial grant from the federal government to meet its obligations.

Finance Minister Ishaq Dar said due to scarcity of funds it was difficult for the federal government to allow any budgetary allocation to EOBI. He emphasised that EOBI should focus on generating funds from its own resources. He said the committee would consider various options to help out EOBI. The committee would also evaluate the status of EOBI in the light of devolution process initiated after the 18th amendment.

The Minister said that mismanagement in the past had badly affected performance of the EOBI and hectic efforts were now required to reform it into an effective public welfare oriented organisation.

The committee after thorough discussion on the issues faced by EOBI decided to form a Task Force, headed by Deputy Governor, State Bank of Pakistan that would put forth suggestions before the committee in due course for administrative and financial revamping of this institution. EOBI Act, it may be mentioned was enforced with effect from April 01, 1976, to achieve the objective of Article 38 (C) of the Constitution, by providing for compulsory social insurance. It extends benefits to insured persons or their survivors in terms of Old-Age Pension, Survivor’s Pension, Invalidity Pension and Old-Age Grant. The meeting was attended by Khawaja Zaheer Ahmed, Special Assistant to Prime Minister, Salman Aslam Butt, Attorney General of Pakistan, Dr. Waqar Masood, Finance Secretary, Secretary, Ministry of Overseas Pakistanis & HRD, Rana Asad Amin, Advisor, Finance Division, Saeed Ahmed, Dy. Governor, State Bank of Pakistan, Sualeh Farouqui, Chairman, EOBI and other senior officials.