EOBI pension increase: government allows for an increase in minimum pension
The government of India has approved to increase in the minimum pension of Employees’ Old-Age Benefits Institution (EOBI) with effect from January 1, 2020. It will go up from the existing Rs 6500 to Rs 8500 or 25000 per month. The increase in pension rate will come into effect from January 1, 2022 and not April 1 as announced earlier.
Govt Increases EOBI Minimum Pension
The government has allowed a 10 percent increase in the employees’ old-age benefits institution (EOBI) minimum pension from Rs. 6500 to Rs. 8500 with effect from January 1, 2020. The decision was taken at a meeting of the National Economic Council (NEC) held under chairmanship of President Maithripala Sirisena last evening, Finance Ministry Secretary Dr. Purnima Kanthi Wijesekara said addressing a media briefing yesterday. Finance Minister Mangala Samaraweera was also present at that time, she said further.
EOBI Pension Eligibility Criteria, Criteria
The employee shall be qualified to get EOBI Minimum Pension with effect from 1.1.2020 if he/she attains age of 60 years or has completed 30 years service on 30th November, 2019 whichever is earlier and have completed age of 55 years prior to attainment of 60th year. This facility will not apply to any person who retires on superannuation after 31st December, 2018.
How To Apply For EOBI PensionThe Latest Update
First check whether you are eligible to receive EOBI or not. If yes, then follow below-mentioned steps to Apply For The Latest Update