NSITF disburses N6.6bn compensation to employees, targets SMEs

The Nigeria Social Insurance Trust Fund (NSITF) said yesterday that it has disbursed N6.6 billion as total compensation to employees since its establishment. Executive Director, Operations, Hon. (Mrs) Mojisolaoluwa Ali-Macaulay, disclosed this yesterday, adding that the fund is targeting members of the informal sector especially the small and medium enterprises (SME) owners for enrollment of […]

The Nigeria Social Insurance Trust Fund (NSITF) said yesterday that it has disbursed N6.6 billion as total compensation to employees since its establishment.

Executive Director, Operations, Hon. (Mrs) Mojisolaoluwa Ali-Macaulay, disclosed this yesterday, adding that the fund is targeting members of the informal sector especially the small and medium enterprises (SME) owners for enrollment of their workers.

She spoke in Lagos on Wednesday during the NSITF Special Compliance Day at the ongoing Lagos International Trade Fair.  

According to her, the NSITF was at the trade fair to partner with business owners in creating awareness for the welfare of their employees.

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She stated that compliance with this 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.”

She said, “We are glad to report that a good number of Employers nationwide have complied and keyed into the scheme and we are working tirelessly to ensure that those who are yet to comply will do so as we continue to offer guidance and training to help Employers and Employees understand their obligations under the law and how to meet them effectively.”