Summary
Nigeria’s social security system is based on the principle of defined-benefits (pay-as-you-go), and is generally managed by the state government. The social security system covers a limited number of benefits and provides them based on the insured’s contribution period. Nigeria also has an informal social security system to which people can contribute voluntarily.
The report provides in-depth industry analysis, information and insights of the employee benefits in Nigeria, including: overview of the state and compulsory benefits in Nigeria, detailed information about the private benefits in Nigeria, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Nigeria.
Key Highlights
- The Nigerian social security system is in place to protect people from risks such as poverty, poor health, old age, disability and death.
- Private benefits are additional benefits granted by employers over and above state and compulsory benefits.
- In order to receive social security benefits, Nigerian citizens must have an individual account.
- Compulsory benefits are provided to employees by their employers, and are mandated by law.
Scope
- This report provides a detailed analysis of employee benefits in Nigeria.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Nigeria.
Reasons to buy
- Make strategic decisions using in-depth information related to employee benefits in Nigeria.
- Assess Nigerian employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Nigeria.
- Gain insights into key organizations governing Nigerian employee benefits, and their impact on companies.
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Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN NIGERIA
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Employee and employer contributions
6.4.5 Taxation
6.5 Workmen’s Compensation Insurance
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment option
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Maternity and Paternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Employee and employer contributions
6.6.5 Taxation
6.7 Housing Fund
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Employee and employer contributions
6.7.5 Taxation
6.8 Leave
6.8.1 Introduction
6.8.2 Annual leave
6.8.3 Sick leave
6.8.4 Maternity leave
6.8.5 Typical employer practice
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Nigeria - Country Statistics
Table 3: Nigeria - Workmen’s Compensation - Percentage of Disability
List of Figures
Figure 1: Nigeria- Main Institutions of Social Security System
