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NSITF Pays N546m to Work Place Victims

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Insurance - Investors King
  • NSITF Pays N546m to Work Place Victims

The Nigeria Social Insurance Trust Fund (NSITF) has so far paid over half a billion naira as compensation to victims of work place accident under the Employee Compensation Scheme since it’s inception.

Managing Directorof the Fund, Adebayo Somefun, who stated this at the NSITFspecial day at the Abuja Trade fair, said a total of N545 million has so far been paid out by the fund.

This include N202.9 million as Health Medical Refund, N261 Million paid as Death Benefit, N74 million as Disability Benefit and N8 million paid to employers for Loss of Productivity for employers (amongst others).

He said the ECS basically provides social security for employees who sustain injuries in the course of employment or their dependants in the case of death: it further encourages occupational safety and health standards in the workplace.

He listed the contingencies covered by this unique scheme to include compensation for injuries, mental stress, occupational diseases, hearing impairment, permanent or temporary disability and even vocational rehabilitation as well as covering for benefits of deceased employees whose families’ fortunes are upheld even after the passing away of their bread winners.

He stressed that all these have served as massive incentives for enhanced productivity and economic development as Nigerian workers are assured of a guaranteed livelihood.

Speaking on the achievement of fund since it was established, Somefun said “as a Fund, NSITF has been making giant strides and in the last one year alone, the Fund has paid for 42 artificial limbs/parts to cater for workers who lost their limbs etc, while carrying out their duties at work. It would interest you to know that the 42 beneficiaries of the artificial limbs/parts are currently being fitted and trained on how to move on with their lives as we speak.

“However, it is not only about the limbs, the Employees’ Compensation Scheme provides for other categories of benefits. Between January 2017 and June 2013, the Fund has paid N835, 318, 858, 62Kobo to beneficiaries as claims and compensation”

“This is to say that those who have benefitted from this special scheme run by the Fund include 298 injured employees placed on monthly or periodic payment. Those on periodic payments are employees still in their productive years of 55 and below who are no longer functioning effectively because of workplace/related injuries. Twenty (20) persons above the age of 55 years have been paid lump sums on a once-off basis.

“In order to cushion the burden on families of deceased employees who died in the course of work, the Fund has paid forty-one (41) lump sums for accidents/diseases resulting in death of the employees and is currently paying 226 families monthly benefits, one of which receives N1.5 Million monthly.”

He said further that to access these benefits, the employer – government or private/individual is required to pay onIy one percent (1%) of total payroll of the employees to the NSITF, and this is at no cost to the employee! Once that is done, it becomes the duty of NSITF to carry the burden which otherwise would have gone to the employer where there is a workplace injury, death or disability.

He sais “the beauty of the scheme is that it is a “no-fault” scheme, and covers all categories of workers in every sector of employment. As the law enabling the scheme stipulates, every organisation that employs even one worker is under statutory obligation to register for the ECS: these include domestic staff. It also emphasises that failure to do so amounts to a breach of the law.

“According to Section 73 of the EEA; “an employee means “a person employed by an employer under oral or written contract of employment whether on 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.

“While I reiterate that every Nigerian worker deserves the best and must be made to have a sense of value, let me state that when a worker knows that his future is secured in the case of injury while performing his functions, he/she has a deeper sense of commitment to the employer.

“To make the process of keying into the scheme easier, the Fund has introduced a digital platform that is called Electronic Collection, Compliance and Compensation (EC4), to galvanise enforcement compliance, claims and compensation activities as well as the overall operations at the Fund. This enables employers to easily register, pay contributions, access their ECS status and make claims, all online and in real time from the comfort of their offices/ homes.”

He expressed confidence that with its track record of successes in managing social security schemes since its establishment, the Nigeria Social Insurance Trust Fund is poised to undertake its mandate with impeccable responsibility. It is on this premise that we, not only celebrate the success story at the Employees’ Compensation Scheme, but urge and spur all employers to step forward and ensure the welfare of their employees.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Seplat Energy Unveils Ambitious Drilling Program for 2024, Aims for 13 New Wells

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seplate to announce financial results on July 29, 2020

Seplat Energy, one of Nigeria’s prominent energy companies, has set its sights on an ambitious drilling program for 2024, with plans to deliver 13 new oil and gas wells across its operated and non-operated assets.

This announcement comes as part of the company’s unaudited results for the first quarter ending March 31, 2024.

The breakdown of the new wells reveals a strategic focus, with 11 dedicated to oil production and 2 aimed at gas production.

Seplat Energy highlights the successful commencement of its drilling program by delivering one well, Ovhor21, in the first quarter of 2024.

Also, two wells, Okporhuru-9 and Sapele-37, which were initiated towards the end of 2023, have been completed.

Both Okporhuru-9 and Sapele-37 have yielded promising results. Okporhuru-9 has discovered multiple hydrocarbon-bearing intervals in deeper formations, while Sapele-37 encountered hydrocarbons in deeper reservoirs, along with proving up a northern extension to the Sapele field.

Seplat Energy is now conducting further technical analysis to assess the commercial potential of these discoveries and the wider implications for OML 41.

Looking ahead, Seplat Energy is committed to delivering the remaining 12 wells on the 2024 drilling plan.

Three wells, namely Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter, with the aim of supporting production volumes later in the year.

Roger Brown, the Chief Executive Officer of Seplat Energy, expressed optimism about the discoveries, emphasizing the promising initial results and highlighting the quality of Nigeria’s geological resources.

He also acknowledged the progressive actions taken by President Tinubu and industry regulators to support the energy sector.

Furthermore, Seplat Energy has made strides in enhancing its operational efficiency and shareholder value.

The company has released the applicable exchange rate for determining its final and special dividend payout to shareholders who opt to receive their dividends in naira.

With an exchange rate of N1,309.88 per $1, shareholders can expect clarity and transparency in dividend payments.

Seplat Energy’s ambitious drilling program underscores its commitment to driving growth and innovation in Nigeria’s energy landscape while maintaining a strong focus on operational excellence and value creation for stakeholders.

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APM Terminals in Talks with Government for Terminal Upgrade in Apapa

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APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

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Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

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Uber

Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

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