Nigeria Employee Benefits Report

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in Nigeria

Details of the state and compulsory benefits
Insight into typical market practice
Examines changes to the costs and benefits of social security and mandatory benefits requirements
Demographic and economic information including projections
Mandatory pension provision, normal and parental leave and other state benefits
Details of applicable taxation
Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for Nigeria Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for Nigeria provides expert analysis of the Nigerian benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in Nigeria or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in Nigeria, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in Nigeria, the report outlines the employment benefits requirements for your employees in Nigeria. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of Nigeria, the local political situation, and climate, operational, and security risks.

Nigeria Report Extract

Below is a very brief extract of information from the Nigeria Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided by employers through the Contributory Pension Scheme under a Retirement Savings Account, administered by a Pension Fund Administrator as chosen by the employee (chosen by the employer where the employee does not make a choice within six months of joining service).

The Contributory Pension Scheme comprises a mandatory pension arrangement (compulsory for employers with at least three employees, mandatory employer and employee contributions) and a Micro Pension Plan arrangement (voluntary for employers with less than three employees, voluntary employee contributions). The Micro Pension Plan is outside the scope of this report.

Typical Employer Practice

Employers do not typically provide supplementary retirement benefits.

The report contains more information on retirement benefits in Nigeria including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more

Termination Indemnities

Benefit provider

State & Compulsory Benefits

There are no termination indemnities as such in Nigeria, however, the National Industrial Court may award severance pay as compensation to unfairly dismissed employees and the government may enforce termination indemnities in the event of redundancy.

Employers may terminate the contract of employment under any circumstances provided appropriate notice is given; Axco provides details of the statutory minimum notice period for employers and employees to terminate an employment contract.

Typical Employer Practice

Employers do not typically provide supplementary termination indemnities benefits; although some local leading employers may incorporate termination indemnities and gratuity plans within a collective agreement.

More information on Eligibility; When Benefit is Paid; Benefit details and the associated Taxation applicable to termination indemnities is available in the report

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