The origin of the Nigeria Social Insurance Trust Fund (NSITF) can be traced to the Provident Fund Scheme which later became the Social Insurance Scheme. The NSITF is currently known as the Employees’ Compensation Scheme.
The predecessor of NSITF, the National Provident Fund (NPF) was established by an Act of Parliament in 1961 to provide a poverty alleviation measure as required by convention No.102 of the International Labour Organization (ILO).
At this time, the goal of the scheme was to protect private sector employees (whose employers were then mostly multinationals) from financial difficulties in the event of either old age, cessation of employment, invalidity or death. Most employers didn’t have any scheme like this in place at that time.
The scheme was a sort of compulsory savings scheme in the form of a monthly contribution by members at the rate of 6% of basic salary subject to a maximum of N8.00 per month or a sum total of N96.00 per annum to be paid in equal proportion by the employer and the employee. In the event of emigration from the country, employment cessation, old age, invalidity or death, the cumulative amount contributed plus accrued interest (7% as at 1994) is calculated on a compound basis and paid to the contributor or his/her dependent as the case may be. The Act was later amended by another Act of Parliament in 1962 to cover only employees in the private sector who were not covered by the Pension Service Scheme.
However, there was a unanimous by the different labour unions including the ILO that the organization had not satisfactorily performed its responsibilities. This led to the Federal Government setting up the Nigeria Social Insurance Trust Fund (NSITF) which was launched by the Honourable Minister of Employment, Labour and Productivity, officially launched the new scheme in July 1994.
Based on this scheme, all Nigerian employers in the private sector were to contribute monthly and the organization was expected to remit this sum.
This scheme would enable the employer provide the following benefits:
- Retirement pension benefit
- Survivors benefit
- Retirement grant
- Death grant
- Invalidity benefit
- Invalidity grant and such other benefits as may be approved from time to time by the Board.
In 2002, a new rate of contribution was implemented after the scheme was reviewed. This new scheme meant that the pension and grants on offer available was more than the employees’ contributions.
Between 5 to 25% of the pension contributions is allowed to be used to meet the administrative costs while the surplus was invested in a safe liquid and profitable investments which enabled the NSITF generate income for the payment of benefits.
Generally, the cost of administration was usually higher at inception of the scheme but tends to become progressively lower as the scheme matures.
The registered members were entitled to receive pension and grants that they benefit from once they attain the retirement age (55-60 years) or as a result of death or invalidity.
In the case of death, the pension would be paid to the survivors while it is paid directly to the person in situation of invalidity.
In 2004, there was a twist and the Pension Reform Act (PRA) was enacted leading to the NSITF ceeding its pension’s business in compliance with the Section 42 of the PRA.
As a result, the NSITF incorporated a subsidiary company in 2004 which was the Trustfund Pensions Plc. This company partnered with the likes of Mainstreet Bank, Denham Management Limited, Nigeria Employers Consultative Association, Nigeria Labour Congress and the Trade Union Congress that same year.
However, NSITF owned majority shares of Trustfund Pensions Plc. The company was licensed by the National Pension Commission in December 2005 which led to its commencement of activities in January 2006. At that time, the company had assets in excess of N54 billion.
Additionally, the PRA of 2004 redefined the mandate of the Fund to provide social security insurances services other than pension according to section 71(2).
In 2010, the Employees Compensation Act was passed into law by President Goodluck Jonathan which backed the mandate of the NSITF to provide social security insurance services specifically by operating the Employment Compensation Scheme (ECS).
Below is an overview of the Act:
The Employees’ Compensation ACT 2010 establishes the Employees Compensation Scheme (ECS) to replace the workmen’s Compensation scheme in line with global best practices and trends. The ECS provides adequate and timely compensation for employees who suffer injuries/diseases in the course of their employment.
Additionally, the Act provides rehabilitation for injured employees in work places and replacement of loss of productivity to the employer. It is a no-fault claim scheme. The funds generated from the scheme are being invested in other basic social security services.
Subsequently, in 2011, the strategy was to ensure that the ECS became a reality. The objectives of the scheme include:
- To provide for an open and fair system of guaranteed and adequate compensation for all employees or their dependents for any death, injury, disease or disability arising out of or in the course of employment
- To provide rehabilitation to employees with work disability as much as possible;
- To establish and maintain a solvent compensation fund managed in the interest of employees and employers;
- To provide for fair and adequate assessments for employers;
- To provide an appeal procedure that is simple, fair and accessible, with minimal delays; and
- To combine efforts and resources of relevant stakeholders for the prevention of workplace disabilities, including the enforcement of occupational safety and health standard.
Overall, the vision of the NSITF is to become the foremost Social Security institution in Africa, setting the agenda for change, social policy, economic empowerment and poverty alleviation in Nigeria.
The core values of the NSITF include
- Human Capital Development
- Professional Management and Good Corporate Governance
- Security of Investible Funds.
- Social Responsibility and Advocacy
- Transparency and Accountability
Also the NSITF is involved in the following:
- Endowing a chair on social security studies
- Health and safety education
- Affordable housing scheme
- Social assistance for the less privileged and aged
- Vocational rehabilitation.
Actually have not get in to there hands cos I use my head I try to cum online first so dat I will no full details about the platform first before I will make any payment…..
Folks, NSITF is a parastatal under Fed Min of Labor and Employment, we implement the mandate of the ECA which is Employment Compensation Act, 2010. There is nothing like paying to register or paying to some faceless idiots while you expect amount paid to be doubled. Kindly visit a branch wherever state you live in. This website is not NSITF website. A word is ok 4 d wise.
Anyone who failed victim of “get rich quick” or “double your money with no stress in a blink of an eye” is as guilty as his scammer! So, please stop disturbing us, just go back to work and earn the same hard way like everyone else which you didn’t want before!
Good morning, please some are using this platform to scam innocent people bcuz I am a victim, someone introduce me to this platform that if I registered with 10k I will get 20k within 40-45 minutes and I send the money but at the end of the day she was asking me to send another 10k to qualify me according to her but I refuse bcuz I later realize that she is a scammer. she asked me to send money to this account 3130003453 AKPODIYIRIN HAZEKIAH BIRIEDI Fist bank plc savings. and this is the woman’s number 07083018883 she is Mrs Rose by name according to her she said she is the admin. please if you people can help me to refund my money back and also arrest those people I will really appreciate. thanks for your kind consideration.
Pls help i have been duped with d sum of 40000 by nigeria.fell a victim yyesterday after paying 40000 into this Acc 3129166015 Luke unyima.Pls I would like my money to b refunded.thanks
this is the new scammer out there using your company’s name
NIGERIA SOCIAL INSURANCE TRUST FUND!!!!!!*
*NIGERIA SOCIAL INSURANCE TRUST FUND!!!!!!*
*MERGING IS AUTOMATED*
These are the packages..
Donate 10k to get 20k
*Donate 20k and get 40k*
*Donate 30k and get 60k*
*Donate 50k and get 100k*
*Donate 100k and get 200k*
*Donate 150k and get 300k*
*Donate 200k and get 400k*
*All within 45minutes*
Interested should contact
Bankole David (09060987562)
I was also a victim yesterday. I don’t know what happened to me, before I knew it I have already transferred 20k to this account number…..3129166015 owned by Luke Unyime. They were asking for more 5k that was when I realized they were fraudster. Please do something else they will tarnish the image of your company. I will b glad if they are caught and my money is refunded to me. They used d following numbers to call nd whatsapp…..07014863658, 08029587497.Thanks.
I was also a victim yesterday. I don’t know what happened to me, before I knew it I have already transferred 20k to this account number…..3129166015 owned by Luke Unyime. They were asking for more 5k that was when I realized they were fraudster. Please do something else they will tarnish the image of your company. I will b glad if they are caught and my money is refunded to me. Thanks.
Good morning, I want to call your attention to a scam going on with your company and I’ll like you to make quick adjustment before the company’s name is destroyed. I fell a victim yerstday 14th April, 2019 and I will like my money to be paid back. This is the account number i was told to pay the money into – 3129166015 Luke unyime first bank.
07014863658, 09011795330 these are the numbers they use to chat people up on WhatsApp.
Good afternoon, please I want to call your attention to a scam going on with your company name used for the operation and am a victim of that also. Please make quick adjustment to that before your company’s name is destroyed. And I will also like my money to be paid back because it was in your name. Thank you.
i lost my Account details on my transit. how can i retrieve my account details so that i can open my account
i dont have social insurance number and social security number. Pls, need your help. i need my social insurance number or social security number to send to canada.I am deaf. reply me back
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