Pakistan, July 17 -- The federal cabinet on Wednesday approved 15% increase in pensions provided by the Employees' Old-Age Benefits Institution (EOBI), effective from January 1, 2025, on the recommendation of the Ministry of Overseas Pakistanis and Human Resource Development.

This increase will be funded from the institution's own resources.

The meeting of the federal cabinet was held here under the chairmanship of Prime Minister Muhammad Shehbaz Sharif.

The prime minister directed the formation of a cabinet committee to introduce institutional reforms in EOBI.

The committee will also deliberate on proposals to extend old-age benefits to the informal labor sector, including domestic workers, agricultural laborers, and other marginaliz...