Business & Labour Laws

8/8/2019 Business & Labour Laws

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25 November 201025 November 2010 AD 514964AD 514964 1 1

In the name of Allah the Beneficent, theIn the name of Allah the Beneficent, the

MercifulMerciful

Presented byPresented by

Muhammad Junaid RashidMuhammad Junaid Rashid

Presented toPresented to

Mr. Muhammad SalmanMr. Muhammad Salman

Dated 08/11/2010Dated 08/11/2010

Business & Labor LawsBusiness & Labor Laws


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TOPICTOPIC

Select any organization and discuss the criteria ofSelect any organization and discuss the criteria ofgetting Employees Old Age Benefit in thatgetting Employees Old Age Benefit in that

organizationorganization..


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AbstractAbstract

Introduction to Employees Old Age BenefitIntroduction to Employees Old Age Benefit

(E.O.B.I) (Theoretical aspects )(E.O.B.I) (Theoretical aspects )

Practical Study (Practical Study (Madina Group ofIndustriesMadina Group ofIndustries))

SWOT Analysis (Theoretical & Practical)SWOT Analysis (Theoretical & Practical)

Conclusion (Theoretical & Practical)Conclusion (Theoretical & Practical)

Recommendations (Theoretical & Practical)Recommendations (Theoretical & Practical)

ReferencesReferences

ContentsContents


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AbstractAbstract

TheThe issueissue of of evaluatingevaluating pensionpension andand socialsocial securitysecurityschemesschemes hashas gainedgained greatgreat relevancerelevance atat bothboth thethe regionalregionalandand globalglobal levelslevels inin viewview ofof risingrising povertypoverty levelslevels asas wellwell asasageingageing populationspopulations..

ItIt isis estimatedestimated thatthat inin thethe moremore developeddeveloped countries,countries, aboutabout

1515 percentpercent ofof thethe populationpopulation isis of of personspersons 6565 yearsyears andandaboveabove comparedcompared withwith nearlynearly 55 percentpercent inin thethe lesslessdevelopeddeveloped countriescountries inin thethe year year 20052005,, andand thesethesepercentagespercentages maymay bebe higherhigher ifif assessedassessed forfor agesages 6060 yearsyearsandand aboveabove..

EfficientEfficient useuse of of resourcesresources andand improvementimprovement ofof thethegovernancegovernance structurestructure areare neededneeded forfor effectiveeffective welfarewelfare ofofthethe eligibleeligible subsub--groupgroup ofof thethe elderlyelderly andand thethe economicallyeconomicallydisadvantageddisadvantaged populationpopulation..


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Introduction to E.O.B.IIntroduction to E.O.B.I

E.O.B.I ActE.O.B.I Act

Definitions: (Section 2)Definitions: (Section 2)

(1)(1) Benefits:Benefits:

(2)(2) Contribution (Section 9Contribution (Section 9--16)16)

(3)(3) Employment Injury:Employment Injury:

(4)(4) Insurable Employment:Insurable Employment:

(5)(5) Insured Persons (Section 3Insured Persons (Section 3--8):8):


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ContdContdBenefits (Section 22Benefits (Section 22--23)23)

OldOld--Age PensionAge Pension Survivors PensionSurvivors Pension

Invalidity PensionInvalidity Pension

Old age grantsOld age grants

Pension RatePension Rate

MinimumMinimum

Rs.2, 000 per month to Rs.3, 000 per monthRs.2, 000 per month to Rs.3, 000 per month

MaximumMaximum

Maximum as per formulaMaximum as per formula==

(Avg. Monthly wages x No. ofyears of insurableemployment)(Avg. Monthly wages x No. ofyears of insurableemployment)

5050


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ContdContd

Criteria of E.O.B.ICriteria of E.O.B.I

Already Receipt of an Old Age BenefitAlready Receipt of an Old Age Benefit

Retirement before 60 years (Insured Person)Retirement before 60 years (Insured Person)


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Practical StudyPractical Study

(Madina Group of Industries(Madina Group of Industries ))Company ProfileCompany ProfileMadinaMadina GroupGroup waswas establishedestablished byby (Late)(Late) HajiHaji

MuhammadMuhammad AminAmin inin thethe yearyear 19461946

HajiHaji MuhammadMuhammad SaleemSaleem GaveGave MadinaMadina GroupGroup thethemotto,motto, INDUSTRY,INDUSTRY, SERVICESERVICE ANDAND EDUCATIONEDUCATION..ItIt waswas hishis visionvision thatthat whateverwhatever thethe GroupGroup earnedearnedfromfrom itsits businessbusiness activities,activities, aa partpart ofof itit wouldwould bebereturnedreturned backback toto thethe communitycommunity inin thethe formform ofof notnot--forfor--profitprofit projectsprojects thatthat willwill bebe forfor thethe socialsocial welfarewelfareofof thethe societysociety andand upliftuplift ofof thethe underprivilegedunderprivilegedsectionsection ofof thethe communitycommunity..


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Implementation of E.O.B.I in Madina GroupImplementation of E.O.B.I in Madina Group

((Aged + 60) in Pakistan: 1961Aged + 60) in Pakistan: 19612030 Elderly Population (Million2030 Elderly Population (Million))

YearYearCensusCensus

TotalTotal MaleMale FemaleFemale RatioRatio(M/F)(M/F)

19611961 2.922.92 1.681.68 1.241.24 135135

19721972 4.574.57 2.632.63 1.941.94 13513519811981 5.885.88 3.403.40 2.482.48 137137

19981998 7.347.34 3.993.99 3.353.35 119119

ProjectedProjected

EstimatedEstimated20132013

11.1911.19 5.695.69 5.505.50 103103

20302030 22.0722.07 11.0911.09 11.0911.09 9999


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ContdContd

Islamabad Chamber ofCommerce andIslamabad Chamber ofCommerce andIndustry (EOBI DirectorIndustry (EOBI Director--General IqbalGeneral Iqbal

Haider Zaidis Speech)Haider Zaidis Speech)

Requirement for pensionRequirement for pension

Deposits ofContributionDeposits ofContribution


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SWOT ANALYSISSWOT ANALYSIS

StrengthsStrengths

Finance and Audit (Section 17Finance and Audit (Section 17--21)21)

WeaknessWeakness

Tough Fiscal yearTough Fiscal year


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OpportunitiesOpportunities

Offences & PenaltiesOffences & Penalties

ThreatsThreats

Fiscal and monetary situationFiscal and monetary situation


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ConclusionConclusion

Statement by Ministry ofLabor andStatement by Ministry ofLabor andManpowerManpower

E.O.B.I Beneficiaries during 2009E.O.B.I Beneficiaries during 2009--20102010

Disbursement ofDisbursement of

PensionPension

No. ofNo. of

BeneficiariesBeneficiaries

Rs.(M) %ShareRs.(M) %Share NumbersNumbers

Old age PensionOld age Pension 747 78.80747 78.80 141,330141,330

Survivors PensionSurvivors Pension187 19.6187 19.6 52,78252,782

Invalidity PensionInvalidity Pension 88 0.90.9 4,8254,825

Old age grantsOld age grants 6 0.76 0.7 3,7763,776

TOTALTOTAL 948 100.0948 100.0 202,713202,713


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Pension Coverage and Budget PrioritiesPension Coverage and Budget Priorities

RECOMMENDATIONSRECOMMENDATIONS

Director General Speech about OldDirector General Speech about Old--Age BenefitsAge BenefitsInstitution (EOBI) (Syed Iqbal Haider Zaidi)Institution (EOBI) (Syed Iqbal Haider Zaidi)

(SPEECH)(SPEECH)


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ReferencesReferences Afzal,Afzal, MohammadMohammad ((20002000)) GrowingGrowing OldOld inin PakistanPakistan:: ChallengesChallenges forfor thethe

NewNew MillenniumMillennium.. UnitedUnited NationNation PopulationPopulation FundFund..

Bangaarts,Bangaarts, JohnJohn ((20042004)) PopulationPopulation AgeingAgeing andand thethe RisingRising CostCost of ofPublicPublic PensionsPensions.. PopulationPopulation andand DevelopmentDevelopment ReviewReview 3030::11..

EmployeesEmployees OldOld AgeAge BenefitBenefit InstitutionInstitution ((19971997--9898)) AnnualAnnual ReportReport..IslamabadIslamabad:: MinistryMinistry ofof LaborLabor..

Euzeby,Euzeby, AlainAlain ((19951995)) ReduceReduce or or RationalizeRationalize SocialSocial SecuritySecurityContributionsContributions toto IncreaseIncrease EmploymentEmployment.. InternationalInternational LaborLabor ReviewReview134134..

GinnekenGinneken.. WW.. ((19991999)) SocialSocial SecuritySecurity forfor InformalInformal SectorSector:: AA NewNewChallengeChallenge forfor DevelopingDeveloping CountriesCountries.. InternationalInternational SocialSocial SecuritySecurityReviewReview 5252::11..

Hashmi,Hashmi, SS.. MM.. HH.. ((20032003)) AgeingAgeing ofof thethe PopulationPopulation.. ChapterChapter inin

PopulationPopulation ofofPakistanPakistan:: AnAn AnalysisAnalysis ofof 19981998 PopulationPopulation andand HousingHousingCensusCensus.. PakistanPakistan InstituteInstitute ofof DevelopmentDevelopment Economics,Economics, IslamabadIslamabad..

ILOILO ((19921992)) PovertyPoverty inin DevelopingDeveloping CountriesCountries:: AA BibliographyBibliography ofofPublicationsPublications byby thethe ILOsILOs WorldWorld EmploymentEmployment ProgrammeProgramme 19751975--9191..

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Business & Labour Laws