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HomeLabour and ProductivityOver N500m Has Been Disbursed for Compensations, Claims Within 6 Months- NSITF

Over N500m Has Been Disbursed for Compensations, Claims Within 6 Months- NSITF

The Nigeria Social Insurance Trust Fund (NSITF), says it has disbursed over 500million naira to the enrollees of the fund who are on its Employee’ Compensation Scheme (ECS) as Claims and Compensation within the last six months.

The Managing Director/Chief Executive of the Fund, Michael Akabogu disclosed this in Abuja during an interaction session with Labour Correspondents.

The agency, under the Federal Ministry of Labour and Employment also said it intends to reach all vulnerable Nigerians while also reaching all employees through the ECS as a Social Security which is its core mandate.

He added that, he would be making the disclosure from time to time to avoid embezzlement in the agency as it happened in the past.

“We would aim to create pathways to widen the spread of our enrollee and most importantly, improve on and ensure prompt payments of Claims and Compensations to give value for money to all the Contributors in our Employee Compensation Scheme.

“In addition, it may interest you to know that NSITF in last two quarters spanning from the month of June to November 2021, paid a total sum of N529,962,770.07 (Five Hundred and Twenty-nine Million, Nine Hundred and Sixty two Thousand, seven Hundred and seventy and seventy Naira) as Claims and Compensation,” NSITF boss said.

Akabogu listed the claims which were paid as Medical Expenses Refunds, Loss of Productivity to Employers, Death Benefit to Next of Kin (NOK), Disability Benefits to Employees, Beneficiary of deceased Employees and Retirement Benefits on behalf of disabled employees.

It could be recalled that the agency before now, was in a series of embezzlements and misappropriation of funds scam a few months ago – a development that led to the sack of past management team of the fund.

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