What EOBI is
The Employees' Old-Age Benefits Institution (EOBI) is a federal body that provides old-age benefits to registered workers. It operates under the Employees' Old-Age Benefits Act, 1976.
Who contributes
Contributions are made by the employer and by the insured employee, calculated on a wage base and rates that the government can revise by notification. Because those figures change, a payroll system should treat them as settings you maintain, with an effective date.
Keeping it right
- Record each eligible employee's EOBI information on the employee file
- Enter the current wage base and rates from the official source or your accountant
- Keep a dated history so old months stay explainable
- Review the figures whenever a notification is issued
A caution
Different sources have quoted different wage bases at different times. Do not rely on a blog or a remembered number; check the official EOBI source.