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EOBI Act 2020

This document is an ordinance published in the Gazette of Pakistan on December 17, 2020. It amends the Employees' Old-Age Benefits Act of 1976. Specifically, it changes section 21 to require an actuarial valuation of assets and liabilities every two years instead of longer intervals. It also substitutes language in the Schedule to allow the federal government to determine pension amounts instead of a fixed minimum. The ordinance was promulgated by the President of Pakistan on December 9, 2020 under powers granted by the country's constitution.

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514 views2 pages

EOBI Act 2020

This document is an ordinance published in the Gazette of Pakistan on December 17, 2020. It amends the Employees' Old-Age Benefits Act of 1976. Specifically, it changes section 21 to require an actuarial valuation of assets and liabilities every two years instead of longer intervals. It also substitutes language in the Schedule to allow the federal government to determine pension amounts instead of a fixed minimum. The ordinance was promulgated by the President of Pakistan on December 9, 2020 under powers granted by the country's constitution.

Uploaded by

PSHHR ISB
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PART I ] THE GAZETTE OF PAKISTAN, EXTRA.

, JANUARY 30, 2016 39

ISLAMABAD, THURSDAY, DECEMBER 17, 2020

PART I

Acts, Ordinances, President’s Orders and Regulations

GOVERNMENT OF PAKISTAN
MINISTRY OF LAW AND JUSTICE

Islamabad, the 16th December, 2020

No. F. 2(1)/2020-Pub.— The following Ordinance promulgated on 9th


December, 2020 by the President is hereby published for general information:—
ORDINANCE NO. XV OF 2020
AN
ORDINANCE
further to amend the Employees’ Old-Age Benefits Act, 1976
WHEREAS it is expedient further to amend the Employees’ Old-Age
Benefits Act 1976 (XIV of 1976), for the purposes hereinafter appearing;

AND WHEREAS the Senate and the National Assembly are not in session
and the President of Islamic Republic of Pakistan is satisfied that circumstances
exist which render it necessary to take immediate action;

(751)

[6522(2020)/Ex. Gaz.] Price: Rs. 5.00


752 THE GAZETTE OF PAKISTAN, EXTRA., DECEMBER 17, 2020 [PART I

NOW, THEREFORE, in exercise of the powers conferred by clause (1) of


Article 89 of the Constitution of the Islamic Republic of Pakistan, the President
of the Islamic Republic of Pakistan is pleased to make and promulgate the
following Ordinance:—
1. Short title and commencement.—(1) This Ordinance shall be
called the Employees’ Old-Age Benefits (Amendment) Ordinance, 2020.
(2) It shall come into force on and from the first day of July, 2018.
2. Amendment of section 21, Act XIV of 1976.—In the Employees’
Old-Age Benefits Act, 1976 (XIV of 1976), hereinafter called as the said Act, for section
21, the following shall be substituted, namely:—
“21. Valuation of assets and liabilities.—The Institution shall, at
intervals of not more than two years, have an actuarial valuation of
its assets and liabilities made in the prescribed manner.”.
3. Amendment of Schedule, Act XIV of 1976.—In the said Act, in
the Schedule, in paragraph (2), in the proviso, for the expression “not be less than
two thousand rupees per month for pension commencing on or after 1st day of
July, 2008”, the words “be as determined by the Federal Government from time
to time” shall be substituted.

DR. ARIF ALVI,


President.
______
RAJA NAEEM AKBAR,
Secretary.

PRINTED BY THE MANAGER, PRINTING CORPORATION OF PAKISTAN PRESS, ISLAMABAD.


PUBLISHED BY THE DEPUTY CONTROLLER, STATIONERY AND FORMS, UNIVERSITY ROAD, KARACHI..

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