2 weeks Ago By David Meshioye
The Nigeria Social Insurance Trust Fund (NSITF) has disbursed a total of N6.6 billion as compensation to 103,000 injured employees. The fund disclosed this during the NSITF day at the ongoing Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).
Executive Director, Operations, Mojisolaoluwa Ali-Macaulay, said in its renewed sensitisation drive that the fund has raised the total enrollee figure to over 172,000 employers and 7.6 million employees. She said among the recent beneficiaries of the scheme, 111 persons have been assisted with artificial limbs and 11 others have been sent abroad for further medical treatment.
The performance, Ali-Macaulay said, has earned the fund the 2023 edition of the Nigeria Employers’ Consultative Association (NECA) Award in the Best Service Delivery Category. She said the trade fair was essential for the Fund to provide a platform to enlighten prospective clients on the benefits of its services, learn about new trends, and understand the evolving needs of the market. The NSITF chief said the Employees’ Compensation Act (ECA) 2010, which empowers the Fund to implement the Employees’ Compensation Scheme (ECS) was geared towards protecting the employees against accident, injury, diseases, or death arising out of or in the course of work, whereby the employer contributes one per cent of the employees’ total emolument into the pool of funds.
She said it was in line with this year’s theme, ‘Compliance,’ the Fund expressed readiness to partner with business owners in creating awareness for the welfare of their employers. According to her, compliance with the Act is not only mandatory but essential for safeguarding the welfare of employees, serves as legal and financial protection for employers, and boosts employee morale and productivity. While she highlighted the key benefits of compliance to the ECA, Ali-Macaulay reported that a good number of employers nationwide have complied and keyed into the scheme, adding that the Fund was working tirelessly to ensure those who are yet to comply would do so as they offer guidance and training to help employers and employees understand their obligations under the law and how to meet them effectively.
In his welcome address, President of LCCI, Gabriel Idahosa, said this year’s fair holds special significance as Nigeria navigates an era of economic adjustment marked by challenges and opportunities. “As an incubator of ideas and a catalyst for commerce, LITF stands as a beacon of opportunity, offering enterprises the platform to showcase resilience-driven solutions, explore synergies, and drive sustainable growth in Nigeria and the wider region,” he said..
