Karachi: Employees Old Age Benefits Institution (EOBI) a prime national welfare organization for private sector’s Employees is introducing ATM cards for pensioners from August 1st 2016 with the collaboration of Bank Al-Falah Ltd. (BAFL) by adopting modern banking system in order to get rid of from the difficulties of being in long queues for getting pension by hundred and thousand of old age, Invalid and female pensioners.
For achieving this goal, EOBI has arranged complimentary services from BAFL for bio-metric registration, account opening & ATM Card issuance to pensioners. After this arrangement every pensioners can have their pension easily from anywhere-else and at any time from Aug.1st 2016.
Biometric Registration, of pensioners at Bank Al-Falah, branches opening of account and issuance of free of cost ATM card shall be carried out in three phases. In the first phase, registration which starts from May 23, 2016. only for Invalid and female pensioners in 250 branches of BAFL at Islamabad, Karachi, Lahore, Peshawar and Quetta shall be carried out. The second phase starts from 1 June 1st with registration of only Invalid and female pensioners in more than 600 branches of BAFL at all cities of the country, and in the third and last phase registration shall starts from June 7,,2016 for all pensioners across Pakistan.
EOBI has directed all pensioners to get their bio-metric registration completed before July 31, 2016 by approaching the nearest branch of the Bank Al-Falah, along-with their original National Identity Card and original Pension Book. The number of pensioners of EOBI is presently about 0.4 million, consists of old age, Invalid, female and minor pensioners. The Federal Govt. has already increased the minimum pension of Rs.5250/-pm. from April last year.
The collection of Contribution from registered Employers starts from July 1st,2016 and disbursement of pension to pensioners starts from August 1st 2016 through Bank Al-Falah.