OTHER MANDATORY PAYMENT FOR EMPLOYERS
MANDATORY PAYMENT BY EMPLOYERS
1.PENSION: Mandatory for a company with 15 employees or more. PENSION FROM PENSION REFORMS ACT2014 =8% FOR EMPLOYEE AND 10 PERCENT FOR EMPLOYER. minimum of 20% when employer decide to bear all contribution
2.ITF(INDUSTRIAL TRAINING FUND): mandatory for company from 50million naira annual turnover or 5 employee(or more)= 1% of annual payroll cost
3.NSITF/ECA(Employee’s compensation Act)-Mandatory for employers. 1 % of staff emolument
4.NHF(NATIONAL HOUSING FUND): voluntary for private sector employer =2.5% on basic salary
Disclaimer: Obi Azubuike is not by this publication(or post) acting as a professional advisers and therefore not liable for any damage whatsoever for your acting or refraining to act based on this publication(post). Consult your professional for advice.