Govt starts leasing EOBI property to end financial crisis

ISLAMABAD: The federal government has commenced leasing process of property belonging to Employees Old-Age Benefits Institution (EOBI) in a bid to revive the state-owned entity from the financial crisis, ARY News reported on Wednesday.

While addressing an event, the Minister of State for Overseas Pakistanis and Human Resource Development Zulfi Bukhari said that the national institution is facing huge financial crisis up to Rs1.5 billion due to corruption and mismanagement made by the past governments during the last six years.

The crisis was creating hurdles to the authorities for running various projects for the welfare of pensioners, said Bukhari, adding that the government has decided to give EOBI Tower to a private company on lease which would reduce the losses.

Read: Informal labourers to be included in EOBI: Zulfi Bukhari

He was of the view that the pensioners will be benefitted more after giving the EOBI properties on the lease as the present government is willing to rise the pension rate up to Rs15,000 per head.

Bukhari ensured that the basic pension will be provided to all labourers which is their right. The federal government has already raised the basic pension up to 23 per cent and it will be further increased to Rs10,000 by the end of 2019, he said.

On May 23, Prime Minister Imran Khan had directed the Employees Old-Age Benefits Institution (EOBI) to ensure maximum facility provision to pensioners. Syed Zulfiqar Abbas Bukhari aka Zulfi Bukhari, Chairman EOBI Azhar Hameed and other senior officials were present in the meeting.

Read: Zulfi Bukhari announces to increase EOBI pensions by Rs1250

PM Imran Khan was briefed EOBI’s functionality and steps being taken to improve the workflow of the institute. EOBI would soon hold countrywide ‘Pension Day’ to encourage the employees and beneficiaries. PM was told about digitization and automation in the sector to reduce chances of corruption, delays and malpractice.

A plan for formation of a data bank for registered employees and a modern complaint management system was also shared with Imran Khan.

The EOBI also presented a proposal to the prime minister for construction of low-cost houses under EOBI and Pakistan Real Estate Investment and Management Company, under this plan, 5,500 houses would be built measuring three and five marlas.