Prime Minister Shehbaz Sharif chaired a federal cabinet meeting on Wednesday that approved the increase in Employees’ Old-Age Benefits Institution (EOBI) pensions for old-age and retirees, and amendments in the Carriage of Goods by Sea Act.

Cabinet approved a 15% increase in the pensions of Employees’ Old-Age Benefits Institution (EOBI) pensioners.

The increase will be implemented from January 1, 2025, and will be financed through EOBI’s resources.

The prime minister also directed the formation of a high-level committee to initiate broader reforms within EOBI, to improve institutional capacity and deliver better services to pensioners in the future.

The cabinet also approved the amendments to the Carriage of Goods by Sea Act to simplify the documentation for shipping procedures and align Pakistan’s maritime trade practices with international standards.

Additionally, the cabinet approved a five-year exemption on duties and taxes for life-saving medicines, including those used in the treatment of cancer and cardiovascular diseases, to provide much-needed relief to patients. The decision is expected to reduce the prices of critical medicines

Officials said the move will also boost the domestic pharmaceutical industry by encouraging research and development aligned with international standards.