Cabinet approves 15% increase in EOBI pensions

The federal cabinet on Wednesday approved a 15 percent hike in the pension provided by the Employees Old Age Benefit Institution (EOBI), effective from January 1, 2025, on the recommendation of the Ministry of Overseas Pakistanis and Human Resource Development. The increase will be met from the institution’s own resources.

A meeting of the federal cabinet was held here under the chairmanship of Prime Minister Muhammad Shehbaz Sharif. The Prime Minister directed the formation of a cabinet committee to bring about institutional reforms in the EOBI.

The committee will also deliberate on proposals to extend old-age benefits to the informal labor sector, including domestic workers, agricultural laborers, and other marginalized employment categories that have been previously overlooked.

These reforms aim to ensure that workers in these neglected sectors receive their due rights.

The cabinet also approved the initiation of necessary legal procedures regarding the draft of the Sea Carriage Shipping Documents Bill, 2025, on the recommendation of the Ministry of Maritime Affairs.

On the recommendation of the Ministry of National Health Services, the cabinet approved a five-year extension of exemption on the import of anti-cancer, cardiac, and life-saving drugs used in hospitals and related healthcare institutions

Earlier, while addressing the cabinet, the Prime Minister appreciated the efforts of all provincial governments, the federal administration as well as the authorities of Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB) for making the best possible arrangements during Muharram.

He thanked the law enforcement agencies and all stakeholders for maintaining peace and order during the religious celebrations.

The Prime Minister also spoke about disaster preparedness during the ongoing monsoon season. He said that he chaired a high-level meeting with the National Disaster Management Authority (NDMA) and Provincial Disaster Management Authorities (PDMAs) to ensure the best arrangements. He appreciated the efforts of the NDMA for making arrangements to deal with the heavy rains in different parts of the country.

He expressed grief over the loss of lives due to the tragic incident that occurred in different parts of the country due to heavy rains, especially in Swat. He said that it was a regrettable incident and stressed the need to learn lessons from it and implement measures to prevent such tragedies in the future.

On the economic front, PM Shehbaz expressed satisfaction over the recent positive trends in macroeconomic indicators. He reiterated his government's focus on performance and service delivery, announcing that the performance of ministries would be evaluated every two months.

"This is the message I want to make very clear, all about serving and delivering for the nation," the Prime Minister stressed. He added that a ministry that performs well will be recognized and praised, when I recognize the ministry and ask it to explain.

During the meeting, he said that Prime Minister Planning Iqbal also praised the effective use of the Ministry's excellent solutions, mentioning that more than Rs. 2000 billion has been allocated. 1 trillion under the Public Sector Development Program (PSDP)

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