Employee benefits are no longer alien stuff. Virtually every organisation has mapped out benefits to be enjoyed by its members of staff, upon employment.
In this article, we share three employee benefits for growing businesses in Nigeria.
- Personal Benefits
Personal benefits may include maternity and paternity leave, sick leave, continued education & training reimbursement, housing allowance and 13th month bonus (Christmas is coming hehe!). The benefits offered vary per organisation i.e. there is no one standard for every company. Do you know the benefits you’re entitled to in your current place of work
2. Retirement Benefits
You guessed right – we’re talking about pension! As a confirmed employee, a certain amount of your salary is deducted monthly and contributed into a pension trust (Retirement Savings Account) in your name. The contributions are managed & administered by Professional Fund Administrators and held in custody by licensed Pension Fund Custodians.
P.S: You don’t need to open a different account for every new job you take. Just like your bank account, your Retirement Savings Account follows you, anywhere you go!
3. Life Insurance
Did you know that there’s such a thing as Employee Group Life Insurance? Yup! As mandated by law in Nigeria, every employer of five or more employees must undertake a life insurance policy for each staff. The policy should be a minimum of three times the annual salary of the employee. This rule applies to both private and public sector employees.
Getting your Employee Group Life Insurance is pretty easy! You can get it done, right on your phone. For more information and to get started, click here.