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Employee Benefits in Nigeria

  • December 2014
  • -
  • Timetric
  • -
  • 48 pages

Synopsis
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

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.

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 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

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Nigeria

- Assess the Nigerian 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 Nigerian employee benefits, and their impact on companies

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

Employee Benefits in Nigeria
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Nigeria
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Employee and employer contributions
6.4.5 Taxation
6.5 Workmen's Compensation
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Maternity and Paternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Employee and employer contributions
6.6.5 Taxation
6.7 Housing Fund
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Employee and employer contributions
6.7.5 Taxation
6.8 Leave
6.8.1 Introduction
6.8.2 Annual leave
6.8.3 Sick leave
6.8.4 Maternity leave
6.8.5 Typical employer practice
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-NGN
8.1.8 Unemployment rate
8.1.9 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Nigeria - Country Statistics, 2011-2014
Table 3: Workmen's Compensation - Percentage of Disability

List of Figures
Figure 1: Major Institutions of the Nigerian Social Security System
Figure 2: Nigerian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Nigerian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Nigerian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Nigerian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Nigerian GDP by Key Sector (%), 2008-2012
Figure 7: Nigerian Inflation Rate (%), 2008-2012
Figure 8: Nigerian Annual Average Exchange Rate US$-NGN, 2008-2012
Figure 9: Nigerian Unemployment Rate (%), 2008-2012
Figure 10: Nigerian Gross National Disposable Income (US$ Billion), 2008-2012
Figure 11: Nigerian Total Population (Million), 2008-2012
Figure 12: Nigerian Size of Labor Force (Million), 2008-2012
Figure 13: Nigerian Urban and Rural Populations (%), 2008-2012

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