The Nigerian Social Insurance Trust Fund (NSITF) has paid a total of N226.96 million as compensation to registered employees and their dependents in the South-East geopolitical zone from January 2022 to December 2024, in line with its Employees’ Compensation Scheme (ECS).
This was disclosed by the Managing Director of NSITF, Mr. Oluwaseun Faleye, in a keynote address delivered during the Fund’s special day at the Enugu International Trade Fair.
Faleye was represented at the event by the Enugu Branch Manager of NSITF, Mrs. Uzoamaka Oraebgu.
According to Faleye, the compensation covered work-related deaths, injuries, occupational diseases, and disabilities sustained in the course of employment.
He said that NSITF had provided financial compensation to deceased employees’ dependents to the tune 90 per cent of total remuneration in case of death.
The managing director said that the organisation provided the compensation under its Employees Compensation Scheme (ECS).
The MD noted that the ECS also offers rehabilitation and counseling services to injured employees, with a view to reintegrating them back into the workforce as seamlessly as possible. The ECS goes a step further to compensate for injuries sustained outside of the traditional workplace but in the course of performing job duties.
A notable instance was cited where NSITF paid N25 million as compensation under ECS to an employee of the National Assembly, reaffirming the Fund’s commitment to both private and public sector workers.
How the Scheme is Funded
The ECS is funded through a statutory one percent deduction of an employee’s total emolument by the employer, which is remitted to the NSITF. These funds are pooled and disbursed to beneficiaries across the country in the event of verified claims.
“It may also interest you to know that the fund has so far paid the sum of N226,975,582.97 as compensation to some registered employers.
“The ECS is funded by payment of one per cent employee’s total emolument, by the employer, to the NSITF,” he said.
Stakeholders Commend NSITF
In his welcome address, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr. Odeiga Jideonwu, lauded NSITF for living up to its role in safeguarding Nigeria’s labour force.
He praised the Fund’s efforts in ensuring that employers uphold safety standards and fulfil their statutory obligations, which he said are crucial to national productivity and socio-economic development.
He further encouraged the agency to scale up its inspections, capacity-building workshops, and awareness campaigns to foster a deeper culture of workplace safety among employers and employees.
What You Should Know
The NSITF’s ECS is a social security programme mandated by the Employees’ Compensation Act, which seeks to cushion the effects of workplace accidents and occupational diseases.
- The scheme is mandatory for all employers in both the public and private sectors.
- Compensation covers medical expenses, rehabilitation, temporary or permanent disability, and death benefits to next of kin.
- The scheme is fully employer-funded, with a monthly remittance of 1% of total employee emoluments to the NSITF.
