The Nigeria Social Insurance Trust Fund ( NSITF) yesterday said it has disbursed over 306 million naira as claims and compensation to registered employers employees and their dependents.
The fund stated that the disbursement was done in the period of last four months, covering medical expenses refunds, loss of productivity, disability benefits, death benefits to the next of kin of deceased employees and retirement benefits.
This is inclusive of the 4.9 million naira paid to the staff of Hydrodrive Nigeria Limited who was awarded disability benefit and the payment of 5.9 million naira as death benefit to the next of kin of an employee of International Breweries Plc who died in the course of work.
The development was disclosed to journalists by the NSITF managing director, Dr Michael Akabogu at a quarterly session of the fund’s activities in Abuja.
Dr Akabogu who was represented by the executive director administration, Barr Maureen Allagoa told journalists that the fund has commenced the process of automating all of its processes through the E-NSITF project in line with President Muhammadu Buhari’s directive to seamlessly deliver its mandate. The MD said the automation would block all financial and productivity leakages, improve accountability, increase contributions, prevent the loss of information and make more finances available for the compensation of claims request.
The fund also disclosed that it has commenced the extension of Employee’s Compensation Scheme (ECS) to the informal sector to ensure that no workers is left out from the social security safety net.
Head, corporate affairs and the board secretary, Ijeoma Oji-Okoronkwo said the fund has processed 23,455 ECS applications and 22,761 employees compensation certificate within the period under review.
Mrs Oji-Okoronkwo added that all monies standing to the credit of the fund are remitted through the treasury single account.
She said, “The fund has also been active in corporate social responsibility projects such as its support for the physiclly challenged persons in Nigeria through the Kpakpando Foundation and the sponsorship of vocational skill raining as an empowerment drive for randomly selected indigent Nigerians.
In line with the approval of the president to reposition the fund for improved productivity, management has conducted trainings for over 1,531 of our staff in the period under review in strategic areas relating to their competences and job roles”.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
