THE Nigerian Social Insurance Trust Fund ( NSITF), which is a body in existence since 1961 as national provident fund. And which became NSITF in 1993 with the mandate of protecting employees in the private sector in Nigeria and who are mostly in non pensionable employment. The federal government of Nigeria established the fund so as to cater for work place related accidents and injuries to employees. The NSITF has paid insurance benefits to 10,610 beneficiaries.
THE ACHIEVEMENTS OF THE NSITF FOR THE YEAR UNDER REVIEW
The NSITF has been touching the lives of workers and their dependents. This is with regards to prompt payment of claims and compensations. According to the body, it has paid a total of 23, 615 claims and compensation amounting to N1,170,409,977.02 – One billion, one hundred and seventy million, four hundred and nine thousand, nine hundred and seventy-seven Naira, two kobo in the last one year.
Speaking through its Director Dr. Michael Akabogu in Abuja on Friday, 26th day of August, 2022, the NSITF also said that part of its achievements is curbing the factors militating against its Employee Compensation role. And further said that all its expectations in the last one year has been achieved. Dr. Michael Akabogu, during his speech presentation at the Management Performance Review meeting in Abujasaid that the group has achieved and accountability in the application of the funds with the aid of some strategic reforms launched the previous year. Furthermore, he says the fund presently touches positively, the lives of workers and their dependants. And while reiterating the essence of the review, affirmed that it is “gauge the activities of Nigeria’s foremost social security institution and track the measured progress reports of regions and branches.”
Dr. Michael Akabogu, speaking through his representative Ijeoma Okoronkwo, the General Manager, Corporate Affairs, said that the target set by them January this year, 2022 has been met. Specifically, that the agenda to set up five syndicate groups to identify key issues effecting the operations of the regional and branch offices is in place.
According to him, “Other targets which we have also met since the last review are the automation of the fund’s operational process which is in progress and intended as a bulwark of accountability and transparency, review of staff salaries which we have completed and forwarded to the National Salaries Income and Wages Commission as well as securing operational vehicles for all regions and branch offices”
“Instructively, we have narrowed the time frame between complaints and compensation from time-indefinite we met, to 14 days and now 10 days. This will further reduce when we introduce our duty-free call centre in the next few months.
“The NSITF under this administration has been touching the lives of workers and their dependants with a total of 23, 615 claims and compensation, worth N1,170,409,977.02 – One billion, one hundred and seventy million, four hundred and nine thousand, nine hundred and seventy-seven Naira, two kobo paid in the last one year. We have moved very far from what we met on the ground.”
He explained that the breakdown of the numbers includes” medical expenses refund to 603 employers, loss of productivity to 174 employers, death benefits to 10,610 beneficiaries of deceased employees as well as disability benefits, retirement benefits to 3506 disabled employees among others”
OTHER ACHIEVEMENTS OF THE NSITF
Speaking Further, he said, “We have also implemented a merit-based staff promotion exercise and demonstrated that you don’t need a godfather to earn promotion where you deserve it. The promotion examination for graduation into the management cadre has just been held yesterday while other carders will take theirs in September. We can’t do less.
“We have equally paid the Consequential Adjustment of the Minimum Wage with relevant taxes deducted appropriately. It is now for all of us to double our efforts to sustain the improve welfare since the fund is non treasury fund.”
Similarly, the Executive Director Operations, Maureen Alegoa in her remark, said the meeting is an avenue for an appraisal of services to the public of the fund. Adding that it will further enable management staff members relate well. And also develop friendly, productive work environment, insisting that it will enable the administration achieve maximum success.
THE ROLE OF THE NSITF
The role of the Nigerian Social Insurance Trust Fund (NSITF) is the provision of compensation to policyholders-employees in the case of work related injuries, disability, diseases and even deaths. They are to ensure;
- Immediate response to employee requests.
- Accountability
- Transparency
- Employee welfare
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