EOBI minimum wage notification 2012, 2013, 2014, 2015, 2016 EOBI Rate Revision Notification 2012, 2013, 2014, 2015, 2016 EOBI Minimum Wage Notification 2012, 2013, 2014, 2015, 2016
Description
EOBI MINIMUM WAGE NOTIFICATION was not issued in 2012,2013,2014,2015 but in 2016 it was issued with retrospective effect. In the realm of labor regulations, changes often ripple through the landscape, affecting both employers and employees. One such area of fluctuation lies within the Employees’ Old-Age Benefits Institution (EOBI) rates and minimum wage notifications. Let’s take a stroll down memory lane to understand the evolution of these rates, which have a direct impact on countless lives.
EOBI Rate Revision Circular 2012, 2013, 2014, 2015, 2016 EOBI Rate Revision Notification 2012, 2013, 2014, 2015, 2016 EOBI Minimum Wage Notification 2012, 2013, 2014, 2015, 2016
Table of Contents
The year 2012, 2013, 2014, 2015, and 2016 was marked by a noticeable absence – no EOBI rate revision circular or minimum wage notification was issued. Why? The answer lies in the legislative sphere. The Federal Government did not make any amendments to the minimum wage during 2012, nor did they do so in the subsequent years of 2013, 2014 and 2015.
It wasn’t until 2016 that the tide turned. The Federal Government announced changes to the minimum wage, with retroactive effect from July 2012. This pivotal moment brought about amendments that set the stage for subsequent adjustments.
The Amendment in 2016
Under the leadership of the then-Secretary Ajmad Pervaz, an amendment was issued via presidential ordinance, altering the minimum wage schedule. The revised rates were as follows:
- 8000 PKR per month (effective from July 1st, 2012, to June 30th, 2013)
- 10000 PKR per month (effective from July 1st, 2013, to June 30th, 2014)
- 12000 PKR per month (effective from July 1st, 2014, to June 30th, 2015)
- 13000 PKR per month (effective from July 1st, 2015, onwards)
This change laid the groundwork for subsequent actions.
The Circular No. 1/2015-16
With the issuance of the minimum wage notification by the Federal Government, Mr. Riazuddin, the then-Director General Operation of EOBI, sprung into action. Circular No. 1/2015-16 was issued, titled “Amendment in the Minimum Wages of the Unskilled Workers Ordinance 1969.” This circular not only echoed the Federal Government’s minimum wage notification but also outlined the revised EOBI contribution rates.
Calculating Contributions
The circular delineated the calculation of both employers’ and employees’ contributions based on the revised minimum wages. Employers were to contribute 5% of the minimum wage, while employees were to contribute 1%. Here’s how it broke down:
Employers’ Share:
- Rs 400/- per insured person per month (effective from July 1st, 2012, to June 30th, 2013)
- Rs 500/- per insured person per month (effective from July 1st, 2013, to June 30th, 2014)
- Rs 600/- per insured person per month (effective from July 1st, 2014, to June 30th, 2015)
- Rs 650/- per insured person per month (effective from July 1st, 2015, onwards)
Employees’ Share:
- Rs 80/- per insured person per month (effective from July 1st, 2012, to June 30th, 2013)
- Rs 100/- per insured person per month (effective from July 1st, 2013, to June 30th, 2014)
- Rs 120/- per insured person per month (effective from July 1st, 2014, to June 30th, 2015)
- Rs 130/- per insured person per month (effective from July 1st, 2015, onwards)
In essence, these amendments ushered in a new era of EOBI rates and contributions, aligning them with the evolving economic landscape and ensuring the welfare of workers across various sectors.
For PDF download please click below
Download circular 01/2015-16, EOBI MINIMUM WAGE NOTIFICATION 2012,13,14,15,16 click here
You can also download the notification in PNG as below
