Cabinet withdraws appointment of Pervaiz Ahmed Junejo as Chairman EOBI

ISLAMABAD: The federal cabinet through circulation of summary has cancelled the appointment of Pervaiz Ahmed Junejo (BS-20) as Chairman of Employees Old-Age Benefits Institution (EOBI) and approved to assign additional charge of Chairman, EOBI to Dr Arshad Mahmood (BS-22).

According to sources, federal cabinet has granted approval to withdraw the appointment of Pervaiz Ahmed Junejo on a proposal/ summary submitted by the Ministry of Overseas Pakistanis & Human Resources Development in a summary.

The Ministry of Overseas Pakistanis & Human Resources Development also proposed to the cabinet to allow assigning of the additional charge of Chairman, EOBI to the incumbent Secretary Ministry of Overseas Pakistanis & Human Resources Development, Dr Arshad Mahmood for a period of three month or till the appointment of regular incumbent whichever is earlier, said sources.

The approval of the cabinet through circulation of a summary was sought after securing the consent of Prime Minister in this regard, they added.

The sources also said that after withdrawing the appointment of Pervaiz Ahmed Junejo as Chairman of EOBI, the federal cabinet has directed him (Pervez Ahmad Junejo) to report to the Establishment Division. Pervaiz Ahmed Junejo had declined to assume the charge of Secretary, EOBI due to personal reasons, sources added.   

EOBI is an autonomous body, established under EOBI Act, 1976 and working under the administrative control of Ministry of Overseas Pakistanis and Human Resource Development.

The appointment of the Chairman of EOBI is a prerogative of the federal cabinet as per Section 8 (A) of the Act. After posting out of Ms. Naheed S. Durrani, former Chairperson, EOBI, the post of EOBI chairman was lying vacant from 17th January 2024.

According to Ministry of Overseas Pakistanis & Human Resources Development, the EOBI is managing a portfolio of fund of more than Rs 480 billion, which involves investment of funds, time deposit as well as new commercial exposure based on market dynamics.

This requires active presence of Chairman EOBI in decision making as the downside commercial risks are significant, said the Ministry of Overseas Pakistanis & Human Resources Development.