The Punjab Treasury Department has introduced the cessation of annual pension will increase for authorities personnel, a pass that is predicted to impact retirees considerably. This selection, which turned into formalised via a notification issued by Secretary of Finance Mujahid Sher Dil, applies to 3 kinds of pensions formerly eligible for annual increments. The pension hikes, accredited below memos issued in 2011, 2015, and 2022, will now not be relevant starting with those retiring nowadays. According to the 2015 circular, pension increments were issued under paragraph 1, that’s now being revoked. Similarly, pension will increase granted under paragraph 2 of the 2011 round and paragraph 1 of the 2022 Finance Department letter may also be discontinued. The Secretary of Finance has directed all departments and establishments to put into effect the selection and cease pension increases in compliance with the brand new directive issued here. The move has been seen as a giant blow to public quarter personnel, because it at once influences their retirement benefits. Earlier, Employees Old-Age Benefits Institution (EOBI) appearing Chairman Dr. Javed Shaikh announced that that they had installation a help table every Monday on the premises of the SITE Association of Industry to help its members in resolving their troubles associated with EOBI contributions. He assured the members of the affiliation that its representatives might be protected in the board of directors of EOBI once it became reconstituted. During his go to to the SITE business body, Shaikh noted that the EOBI gadget have been digitalized, and every registered unit have been furnished with a person ID and password to go into employees’ details and generate vouchers. He delivered that most effective 4% of registered devices from throughout Pakistan have been audited by using the branch and referred to that rest turned into being supplied within the audit procedure. He clarified that audits from the last length might cover the following two years. In response to a query, the EOBI performing leader clarified that government departments did no longer fall inside the EOBI’s scope. He said that he changed into absolutely aware of the employers’ issues and suggested raising worries about fixed EOBI contributions and relaxation for gratuity-paying employers with the federal government. Shaikh discovered that the EOBI fund had stood at Rs532 billion, which had been invested in diverse schemes. The organization were paying monthly pensions of Rs5 billion to registered people, and its collection had progressed for the primary time in current months. He directed the local head gift at the assembly to touch the affiliation first before issuing a note beneath Section 81.
