The Benefits Of The Nigeria Social Insurance Trust Fund (NSITF).

The Nigeria Social Insurance Trust Fund (NSITF) was established by the Act of Parliament in 1961, purposely to protect and compensate employees in the private  and public sectors against events such as occupational hazards, disability,  injuries in workplaces, mental stress, occupational hazards and death.

The scheme is purposely established to cater for the welfare needs and compensations of employees against unforeseen occurrences.




Under the Provisions of the NSITF Act 1993, all employers of labor registered under the Companies and Allied Matters Act (CAMA) 1990, either as companies or partnerships, having a minimum number of 5 employees are required to register as members of NSITF and remit their contributions monthly.

The monthly contribution is calculated as 1% of the employees'  monthly gross income which will cater for the social, insurance and welfare needs of the employees and also give them the opportunity of enjoying post employment benefits.

In order to access the compensation, an employee must give a notice within 14 days of occurence, of disability, disease, accident etc, to his or her employer.

And the employer must also give a notice within 7 days of receiving notification from the employee, to the NSITF Board.


                                                  


The name of the employee, time and place of occurence, nature and cause of the injury if known must be stated to the board.

Failure of the employee to give the notice will restrict him or her from been compensated and also failure of the employer to give the notice to the board is an offence under Employee Compensation Act.

The following are the aims and objectives of the National Social Insurance Trust Fund:

1. To create an open and fair system of guaranteed compensation of employees against risky events like death, injury, disability, disease and any other hazard at workplaces.

2. To ensure adequate assessment for employers.

3. To establish and maintain a solvent compensation fund managed in the interest of employers and employees.

4. To ensure that the safety, insurance and well being of employees is also taken into consideration by employers.

5. To take into consideration, the welfare needs of disabled employees through compensation.

6. To promote the enforcement of occupational safety and health standards at workplaces.



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