Summary
The Nigerian pension system has been facing much turbulence, regardless of the increase in the number of pensioners every year. The Nigerian pension system includes everyone from means-tested to private employees. 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. In 2004, Nigeria adopted a DC system, replacing the DB system that was previously in existence. Under the replaced DB pension scheme, the paid pension amount depends on the number of years that an employee has worked for an employer and the total amount of salary earned. Now, the whole pension system is more focused on the DC system.
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
- NSITF is the apex social security institution, it empowers social security schemes and protect employees working in private sector
- Pension Commission supervises administration of pension issuers in Nigeria
- Nigeria adopted Defined Contributory system replacing Defined Benefit system in 2007
- Voluntary coverage for a contributory pension scheme is available to private sector employees
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, long-term care benefits, 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 Nigeria’s 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 Nigeria’s 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 Eligibility
6.1.3 Benefits
6.1.4 Payment Options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Contributions
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 Contributions
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Contributions
6.5 Workmen’s Compensation Insurance
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment
6.5.5 Contributions
6.6 Maternity and Paternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
6.6.5 Contributions
6.7 Other Benefits
6.7.1 Leaves
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical and Health Benefits
7.5 Accidental Death and Dismemberment Benefits
7.6 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
Table 4: Nigeria Leave - Fixed National and Public Holidays 2021List of Figures
Figure 1: Nigeria - Main Institutions of Social Security System
