The Nigerian Social Insurance Trust Fund (NSITF) has paid out a total of N226.96 million as compensation to registered employees and their dependents in the South-East region from January 2022 to December 2024, as part of its Employees’ Compensation Scheme (ECS).

This was revealed by the Managing Director of NSITF, Mr. Oluwaseun Faleye, in a keynote address delivered at the Fund’s special day during the Enugu International Trade Fair.

Representing Mr. Faleye at the event was Mrs. Uzoamaka Oraebgu, the Enugu Branch Manager of NSITF.

Faleye explained that the compensation disbursed by the Fund was aimed at addressing various work-related issues, including deaths, injuries, occupational diseases, and disabilities sustained during employment.

He further highlighted that the Fund offers up to 90% of an employee’s total remuneration to their dependents in the event of a death at the workplace.

The NSITF’s commitment extends beyond financial compensation, as the ECS also provides rehabilitation and counseling services to injured employees, helping them reintegrate into the workforce effectively.

The scheme even covers accidents that occur outside the traditional work environment but still within the scope of job duties, demonstrating a broader and more inclusive approach to employee welfare.

One of the more notable instances shared by Faleye was the N25 million paid out to an employee of the National Assembly, a clear indication of the Fund’s dedication to supporting both public and private sector workers alike.

The ECS is funded through a statutory contribution, with employers deducting 1% of an employee’s total salary and remitting it to the NSITF.

These funds are then used to compensate beneficiaries following verified claims.

According to Faleye, NSITF has already disbursed a total of N226,975,582.97 to registered employers, reinforcing the significant role the Fund plays in the country’s social security framework.

In his address, Mr. Odeiga Jideonwu, President of the Enugu Chamber of Commerce, Industry, Mines, and Agriculture (ECCIMA), commended the NSITF for its diligent efforts in protecting Nigeria’s workforce.

He praised the Fund for ensuring that employers uphold safety standards and meet their statutory obligations, which he emphasized are crucial to boosting national productivity and advancing socio-economic development.

Jideonwu also encouraged the NSITF to expand its efforts in conducting inspections and raising awareness through capacity-building workshops, further promoting workplace safety culture across the region.

The Employees’ Compensation Scheme is a mandatory program under the Employees’ Compensation Act, designed to mitigate the effects of workplace accidents and occupational diseases.

It applies to all employers in both the public and private sectors and provides coverage for medical expenses, rehabilitation, temporary or permanent disability, and death benefits for dependents.

The scheme is fully funded by employers, who are required to make monthly remittances of 1% of total employee emoluments to the NSITF.