In a recent development, Senator George Akume, the Secretary to the Government of the Federation, has offered significant reassurances regarding the compulsory Employee’s Compensation for Private Sector workers, Federal Ministries, Departments, and Agencies (MDAs), as well as its forthcoming implementation across states.....KINDLY READ THE FULL STORY HERE▶
During a courtesy visit by the executive and management of the Nigeria Social Insurance Trust Fund (NSITF), Senator Akume affirmed the Federal Government’s commitment to facilitating the realization of this initiative. He emphasized the pivotal role played by the fund in the lives of Nigerian workers and promised necessary assistance to ensure the accomplishment of its goals and objectives….CONTINUE READING
The move to establish the Employee’s Compensation contributions gained substantial momentum during the Extraordinary Session of the Federal Executive Council led by President Muhammadu Buhari. On May 15, 2023, the Council granted approval for a one percent mandatory deduction from the emoluments of MDAs as Employee’s Compensation contributions, effective retroactively from January 2023.
Additionally, the FEC approval mandated the Ministry of Finance to settle outstanding payments owed to the fund by various agencies since 2012. The Attorney General of the Federation was directed to collaborate with state counterparts to expand the implementation of the compensation scheme across all levels of government.
During the visit, Maureen Allagoa, the Managing Director of NSITF, conveyed the organization’s challenges to Senator Akume, presenting a comprehensive overview of the organization’s history, achievements, and trajectory since the inception of the Employee’s Compensation through the National Assembly Act in 2010.
Senator Akume, drawing from his past interactions and understanding of the fund’s objectives, assured that he had informed the relevant authorities to initiate the necessary actions for implementation. He expressed his familiarity with the decision to deduct one percent from MDAs’ emoluments, confirming that the decision stemmed from discussions during the last administration.
This progression indicates the firm commitment of the government to ensure the establishment and effective operation of the Employee’s Compensation scheme.
