NSITF Enlightens Employers On How To Key Into Pension Scheme

NSITF Corporate Headquarters

The Nigeria Social Insurance Trust Fund (NSITF) yesterday further advised employers that are subscribed to the pension scheme on how they can access the inherent benefits of the scheme.

It said an employer; either in the public or private sector is required to pay only 1 per cent of total payroll of the employees to the NSITF, and added that it was at no cost to the employee.

It explained that once that was done, it became the duty of NSITF to carry the burden, which otherwise would have gone to the employer where there was a workplace injury, death or disability.

The guidance was contained in the keynote address delivered by Barr. Adebayo Somefun, the trust fund’s Managing Director at its interactive retreat held with the media in Lagos.

He explained that one of the attractive benefits of the scheme was the “no-fault” scheme, which covers all categories of workers in every sector of employment.

He added that as the law enabling the scheme stipulates, every organisation that employed even one worker was under statutory obligation to register for the ECS, which included domestic staff, emphasising that failure to do so amounted to a breach of the law.

Citing S.73 of the ECA, he said an employee meant “a person employed by an employer under oral or written contract of employment whether on a continuous, part-time, temporary, apprenticeship or casual basis and includes a domestic servant who is not a member of the family of the employer including any person employed in the Federal, State and Local Governments, and any of the government agencies and in the formal and informal sectors of the economy.”

Source: independent.ng