Latest news with #Employees'Old-AgeBenefitsInstitution
Business Recorder
16-07-2025
- Business
- Business Recorder
Cabinet approves 15pc hike in EOBI pensions
ISLAMABAD: In a bold attempt to jolt federal ministries out of complacency, Prime Minister Shehbaz Sharif on Wednesday announced that performance evaluations will now be held after every two months, guided by newly introduced key performance indicators (KPIs). The move, aimed at sharpening accountability and turbo-charging service delivery, marks a renewed push by the government to shake off inertia in Islamabad's corridors of power. Chairing a meeting of the federal cabinet, PM Sharif was emphatic: 'This message I want to make loud and clear – it is all about delivery and service to the nation.' Ministries exceeding expectations will be rewarded, while those falling behind could face consequences, he warned. The prime minister singled out the Ministry of Planning and Development for praise, highlighting its efficient use of development funds. Spending under the Public Sector Development Programme (PSDP) has now crossed the Rs1 trillion mark – a milestone PM Sharif credited to Planning and Development Minister Ahsan Iqbal's stewardship. In a nod to market confidence, PM Sharif welcomed the stock market's record-breaking performance this week, calling it a positive signal of macroeconomic recovery and investor trust. He insisted the uptick was the result of coordinated government efforts to stabilise the economy. Among the cabinet's key decisions was a 15 percent increase in pensions under the Employees' Old-Age Benefits Institution (EOBI), effective from 1 January 2025. The raise, which will be funded internally by EOBI, was proposed by the Ministry of Overseas Pakistanis and Human Resource Development. PM Sharif also ordered the formation of a cabinet committee to spearhead long-overdue institutional reforms in EOBI. The committee will explore extending pension coverage to Pakistan's vast informal workforce – including domestic workers, farm labourers, and other marginalised groups – in what could become a landmark shift in social security policy. In the maritime sector, the cabinet approved legal proceedings to advance the Sea Carriage Shipping Documents Bill, 2025, as part of efforts to modernise trade documentation. Meanwhile, a five-year extension was granted on the exemption of import duties for life-saving medicines – including anti-cancer and cardiac drugs – following a proposal from the Ministry of National Health Services. These medicines will continue to be restricted to hospitals and authorised institutions, with open-market sales remaining banned. Elsewhere, the cabinet ratified a series of legislative decisions taken by the Cabinet Committee on July 2 and 3. On a sombre note, the prime minister expressed deep sorrow over the tragic loss of lives in the ongoing monsoon season, particularly the deadly incident in Swat. Calling it an unfortunate incident, he stressed the need for more robust disaster preparedness and response. He said the federal government, in collaboration with the National Disaster Management Authority (NDMA) and provincial bodies (PDMAs), is working to strengthen emergency response systems across the country. He commended the NDMA, which is headed by a serving three-star military general, for its proactive role in disaster management. Finally, the prime minister lauded law enforcement and local administrations across the provinces, as well as in Azad Jammu and Kashmir and Gilgit-Baltistan, for ensuring peace and order during Muharram. Their coordinated efforts, he added, helped maintain national harmony during a critical time. Copyright Business Recorder, 2025
Business Recorder
02-05-2025
- Business
- Business Recorder
Sindh govt committed to welfare of labourers: Nasir
KARACHI: Sindh Minister for Energy and Planning, Syed Nasir Hussain Shah, has said that providing social protection, education, and healthcare facilities to workers is a top priority of the Sindh government. Under the leadership of Chairman Bilawal Bhutto Zardari, the provincial government is committed to the welfare of labourers. He expressed these views in his statement on the occasion of International Labour Day, May 1. Paying tribute to workers, Nasir Shah said that the labour class is the backbone of any country's economy. He stated that May 1 marks the day of great sacrifices made by workers. Since its inception, the Pakistan People's Party has stood shoulder to shoulder with the working class in their struggle. The provincial government has set the minimum wage for workers at Rs 37,000. The leader of the people, Shaheed Zulfikar Ali Bhutto, gave workers the right to form unions and established welfare institutions like EOBI (Employees' Old-Age Benefits Institution). Copyright Business Recorder, 2025
Arab News
01-05-2025
- Business
- Arab News
Pakistan reaffirms commitment to promote safe, dignified conditions for laborers on May Day
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday reaffirmed his government's commitment to ensure safe and dignified working conditions for laborers in Pakistan, as the world marks May Day to recognize the struggles of low-income workers. Labor Day, observed on May 1, is a global celebration of workers' rights and the labor movement. It honors the struggles and achievements of workers in securing fair wages, safe working conditions and dignity in the workplace. In many countries, including Pakistan, it serves as a reminder of the importance of social justice and the ongoing need to protect labor rights in the face of economic and social challenges. Labor laws are rarely implemented in Pakistan, where laborers often work in dangerous and exploitative conditions at construction sites, mines and factories. In most instances in Pakistan, especially in the informal jobs sector, laborers are hired below the minimum wage set by the government and not provided proper safety equipment. 'Today, as the nation observes Labor Day, Pakistan reaffirms its unwavering commitment to promoting safe, healthy and dignified conditions for its workers — the real driving force behind our nation's growth and resilience,' Sharif said in a message shared by his office. 'The protection of fundamental labor rights is enshrined in our Constitution and fully aligns with the International Labour Organization's core conventions.' Sharif noted Pakistan had undertaken legislative and administrative reforms in recent years to strengthen the protection of workers. He said the government took steps to broaden the coverage of the Employees' Old-Age Benefits Institution (EOBI) and the Workers Welfare Fund. Pakistan's labor class has suffered immensely as the South Asian country desperately tries to escape a prolonged economic crisis. Inflation reached a record high of 38 percent in 2023 as Islamabad scrapped fuel and food subsidies to comply with the International Monetary Fund's demands for a financial bailout package.
Business Recorder
01-05-2025
- Business
- Business Recorder
PM's message on Labour Day
ISLAMABAD: Today, as the nation observes Labour Day, Pakistan reaffirms its unwavering commitment to promoting safe, healthy, and dignified conditions for its workers — the real driving force behind our nation's growth and resilience. The protection of fundamental labour rights is enshrined in our Constitution and fully aligns with the International Labour Organization's (ILO) core conventions, to which Pakistan is a responsible signatory. In pursuit of these ideals, Pakistan has taken significant legislative and administrative reforms to further strengthen workers' protections. We have ratified key international labour conventions, including the 2014 Protocol to the Forced Labour Convention and the Maritime Labour Convention, while advancing new commitments on occupational safety and health. For the first time, every worker in Pakistan benefits from a National Occupational Safety and Health Profile, ensuring safer, healthier workplaces across the country. Our government has taken important steps to broaden the coverage and impact of institutions such as the Employees' Old-Age Benefits Institution (EOBI) and the Workers Welfare Fund (WWF), ensuring that the fruits of our labour protections are shared more equitably across all segments of the workforce. Through digitization and labour law reforms, we are building a future where every worker has access to dignity, safety, and opportunity. At the same time, skill development initiatives, particularly through the National Vocational and Technical Training Commission (NAVTTC) and the Technical Education and Vocational Training Authorities (TEVTAs), are being expanded, with a special focus on empowering youth and women with demand-driven vocational training. Copyright Business Recorder, 2025
