The report provides in-depth industry analysis, information and insights into employee benefits in Nigeria, including:
• An overview of state and compulsory benefits in Nigeria
• Detailed information about private benefits in Nigeria
• Insights into various central institutions responsible for the administration of the different branches of social security
• The regulatory framework for employee benefits in Nigeria
Executive 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.
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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 benefits, long-term disability benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, housing funds, and leave
• It highlights the economic and regulatory situations relating to employee benefits in Nigeria
Key Highlights :
• 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 system consists of two branches: a mandatory individual account system and a social insurance system.
• Private benefits granted by employers in Nigeria include company cars, mobile phones, stock option plans, group life insurance plans, dental benefits, and cross-border pension plans.
Table of Contents:
1 Executive Summary
3 Country Statistics