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.
Our reports have been used by over 10K customers, including:
Employee Benefits in Sweden 2021
The Swedish social security system is an integral part of the country’s welfare system and is classified into two types: the universal and social insurance system (old system) and unified social insurance, and the individual notional and mandatory individual...
Employee Benefits in Belgium 2021 Summary The Belgian social security system covers a large proportion of the country’s population and plays a significant role in its employee benefits landscape.However, the recent debt crisis in the European Union (EU) member states had an adverse impact on the...
Employee Benefits in Hungary 2021
The Hungarian social security system is based on the fundamental principle of solidarity, and both employers and employees contribute.Self-employed persons also make full contributions and are entitled to receive benefits under the system.
Employee Benefits in Slovakia 2021
Following independence in 1993, the Slovak government reformed taxation, healthcare, pensions, and the social welfare system.These reforms helped the government to consolidate the budget and move towards joining the EU in 2004.
The country also...
Employee Benefits in Latvia 2021
The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system.The state social insurance system covers legislation on social insurance, maternity and sickness insurance,...
Employee Benefits in Switzerland 2021
The Swiss social security system comprises various forms of social insurance, which aim to protect both people living and working in Switzerland and their dependents. It is organized federally, and social security responsibilities are divided between...
Employee Benefits in the United States of America (USA) 2021
The US social security system covers more than 96% of the total workers employed in the US.The motive of providing employee benefits is to support the economic security of an individual by insuring against unsure events and to...
Employee Benefits in Mexico 2021
Mexico’s social security system was introduced in 1942 and has since evolved in terms of scope and coverage.The Mexican Social Security Institute (IMSS) and the Institute for Security and Social Services for Government Workers (ISSSTE) are the governing...
Employee Benefits in the Philippines 2021
The Philippines is seen as one of Asia’s most socially progressive countries, because of its commitment to providing citizens with secured livelihoods; the Philippine constitution guarantees individuals complete social, economic and cultural rights.Female...
Employee Benefits in Ukraine 2021 Summary Following its declaration of independence, Ukraine initiated socio-economic reforms and initiated the national social security system.The system is divided into Compulsory State Social insurance, which is funded by employee and employer contributions, and...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.