Q-2: Describe the administration of employees old age benefit institution and what are the powers of the board of trustees under the act?
(a) ESTABLISHMENT [Section 4]
The Federal Government has established The Employer’s Old-age Benefits institution. The institution is a body corporate having perpetual succession and a common seal, with powers to
acquire, hold and dispose off property, both movable and immovable and can sue and is sued by its name.
(b) MANAGEMENT [Section 6]
The general direction and superintendence of the affairs of the institution are vested in a Board of Trustees which, with the assistance of a chairman, can exercise all powers and do all such acts and things which may be exercised or done by the institution. The Federal Government may give instructions to the institution from time to time for its guidance in the discharge of its functions.
(c) Board of Trustees [Section 7]
The Board of Trustees consists of the following members appointed by the Federal Government.
(a) Secretary or additional secretary in the Labour as President of Board of Trustee.
(b) Four persons represent Federal Government, one each from Ministry of Finance, Commerce, Industry and Labour.
(c) Four persons represent the Provincial Government one from each Province.
(d) Four persons to represent employers.
(e) Four persons to represent insured persons.
(f) Two persons to represent the institution.
The Institution has the following powers and functions:
1. Powers and functions given by EOB Act.
2. Approve budget estimates, audited accounts, annual report.
3. Call any information or direct any research to be made for furtherance of its object.
Chairman of institution [Section BA]
There shall be a chairman of the Institution who shall be appointed by the Federal Government. The chairman shall exercise such powers and perform such functions as may be prescribed.