Nigeria Social Insurance Trust Fund (NSITF) – Everything you should know

Nigeria Social Insurance Trust Fund (NSITF) – Everything you should know

Many firms today exploit their workforces by offering subpar working conditions, little benefits, and little job security. For an employer to take advantage of you, you don’t actually need to work in a factory or other unpleasant environment.

Many people find it difficult to stand up, which is why the Nigeria Social Insurance Trust Fund (NSITF) was created.

This trust fund was formed by the Nigerian Federal Government to cover work-related accidents for its employees. The Nigeria Social Insurance Trust Fund is in charge of overseeing and requiring all firms to participate in this program. It includes all workplace accidents and employee injuries.

What is the role of Nigeria Social Insurance Trust Fund (NSITF)?

The primary responsibility of NSITF is to compensate covered workers in the event of work-related illnesses, disabilities, accidents, or fatalities. This is true whether the death occurs within or outside the workplace.

On the other hand, the NSITF’s attributes are:

1. prompt handling of requests from workers
2. Workers’ focused.
3. Openness.
4. Responsibility.

More than 11,000 claims from impacted employees have been reimbursed by the Nigeria Social Insurance Trust Fund.

Under the Nigeria Social Insurance Trust Fund, which programs are included?

The Nigeria Social Insurance Trust Fund offers the following services:

The National Provident Fund (NPF):

This program, which was started in 1961 by a parliamentary act, intends to provide the nation with methods to reduce poverty. It was first designed to shield private sector workers against financial hardships in the event of a fatality or termination of employment. But as of right now, it applies to both public and private personnel.

How does it work?

Every employee is required to contribute 6% of their base pay each month. Should you pass away, the beneficiary receives the total amount collected as well as any interest that has accumulated.

Contributory Pension Scheme 1993:

Every company with more than five employees must become a member of NSITF and submit a monthly donation. The following advantages are intended by this:

1. pension bonus for retirement.
2. The survivors gain.
3. retirement award.
4. Grant of death.
5. Invalidity benefit.
6. The board may occasionally authorize · Grant of invalidity and other advantages.

How does it work?

The contributions of the scheme’s registered members provide the funding for it.

After retiring at the age of 55 or 60, each member is eligible for pensions and benefits that significantly exceed their payments. They would provide survivors with benefits in the event of death.

Pension Reform Act (PRA) 2004:

Under this amended act, NSITF transferred its pension operations to Trust Fund Pension Plc. The funds’ purpose was reinterpreted as “providing social security insurance services other than pension.”

Employees Compensation Act (2010):

This legislation was enacted into law in 2010 to provide NSITF with legal support. It requires that social security insurance services be provided.

Where do claims get paid by the Nigeria Social Insurance Trust Fund?

Through the combined efforts of the employer and employee, they provide funding for NSITF. As required by law, contribute a specific portion of your monthly income to qualify as a beneficiary.

Links to the Nigeria Social Insurance Trust Fund’s official communication channels

NSITF can be contacted via any of the following methods:

• nsitf.gov.ng
• nsitf.gov.ng/corporateaffairs
• Telephone: 09-2918900

Conclusion

NSITF was created to meet the social needs of you as an employee. You are protected financially by this plan against any unfavourable events that may arise both within and outside of your place of employment.

For additional information, go to their official website at www.nsitf.gov.org or use the previously provided contact information.