Jobs/Appointments
Basic Employee Benefits You Need Be Aware Of
Employee benefits constitute additional perks that employees get on top of their salaries from their employers. Benefits are valuable to both the employer and the employee. As an employer, you can attract and retain great employees if you offer them good packages.
On the other hand, benefits are valuable to employees since they offer relief in the time of need. There are different types of benefits, the perks you get depend on your company and the position that you hold. Read on to learn the basic employee benefits you need to be aware of.
Life Insurance
Life is unpredictable, and you can pass away at any time leaving behind some dependents. Life insurance offers protection to your family when you die, and they get the benefits as a lump sum when you die. You can privately acquire life insurance, but this option is expensive since these policies are offered through employers in most cases.
Medical Insurance
Medical insurance is probably the most important benefit that you should know of and must have. Health care is costly, and few people can afford it out-of-pocket without insurance. You can consider getting individual or group insurance as a matter of personal preference. There are various types of group insurance available in the healthcare marketplace, and these are designed to suit the needs of different people. These insurance plans cover surgeon and physician fees, prescription drugs, and hospital rooms. Coverage can also include your family depending on the type of policy that you hold.
The industry usually determines health insurance policies, and employers may pay the entire premium for their employees. In some instances, the employer just pays a part, and the employees top up the difference. Living without medical insurance is a great risk since anything can happen. Most employers offer group policies that cater to the universal needs of the majority of people in the company.
Disability Benefits
Workplace injuries are common, and they can incapacitate you for a specific period or you may suffer permanent disabilities. When you are not able to perform your job, you will lose some income and this can affect your welfare and that of your family. When you are eligible to get this benefit, it protects you when you are incapacitated. This type of benefit includes short term disability insurance that covers a few weeks following your accident. It usually lasts a short period when you are expected to recover fully and return to work. On the other hand, you could be entitled to a long term disability when the injury is permanent. In such a scenario, you may get disability benefits until your retirement age.
Retirement Benefits
As we age, there shall come a time when we leave employment and retire. Therefore, retirement benefits aim to help different people with a pension or income that can sustain their lives and families when they leave their careers. There are two types of retirement plans that include defined benefit plans and defined contribution plans. Defined benefit plans are also called pension plans, and the benefit amount is usually predetermined by your years of service and your salary. In the case of a defined contribution plan, the employee or employer makes specified contributions, but the benefit amount is attached to investment returns, and these are not guaranteed. A good example is a 401k plan.
Paid Leave
Paid leave or time off is another benefit that you should know since it gives you relief and a short break from work. The common types of paid off time include vacation leave, sick leave, and vacation leave. Some companies combine these so that the employees can use them as consolidated perks during the time of need.
Fringe Benefits
Fringe benefits as the name suggests are often viewed as minor non-cash perks, but they play a pivotal role in attracting and retaining talented workers. They include non-production bonuses, child-care, tuition assistance if you want to take part-time classes.
However, most firms require that employees take courses related to their current job responsibilities as part of career advancement. In most cases, full-time employees are eligible to get fringe benefits, and their job posts also determine the perks they can get.
Many companies offer a variety of benefits as part of service packages that are designed to protect the interests of the employees. An organization that offers lucrative benefits stands better chances of retaining talented employees. Some of the basic employee benefits include health insurance, life policy, retirement plan, paid leave, and disability benefit. Different factors determine your perks like a position in the company and industry.
Jobs/Appointments
Institute Names Olam Agri as Top Employer in Nigeria, Switzerland, Eight Others
By Modupe Gbadeyanka
A leading player in the agribusiness sector, Olam Agri, has been recognised as a Top Employer in Nigeria, Switzerland and eight other countries.
This recognition was from the Top Employers Institute, which is a global authority that recognises excellence in people’s practices.
It is the fifth straight year the company is named as a Top Employer in the African continent, highlighting its status as a global employer of choice.
“At Olam Agri, we foster a purpose-driven workplace where employees thrive. We empower our team to create meaningful contributions to our company, customers, communities, and the environment.
“Guided by our entrepreneurial spirit, we encourage ownership, innovation, and excellence. We embrace diversity and create an inclusive environment where everyone feels valued, respected, and empowered to succeed,” the Chief Human Resources Officer at Olam Agri, Sriram Subramanian, stated.
The other eight nations Olam Agri was recognised as a Top Employer are Cameroon, Côte d’Ivoire, Ghana, Mozambique, Senegal, South Africa, Australia, and The Netherlands.
The Top Employers Institute recognises an organisation’s dedication to a better world of work through excellent HR policies and people practices.
The programme has certified and recognised over 2,400 Top Employers in 125 countries/regions across five continents. The survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, Wellbeing and more.
“Consistency in a not-so-consistent world? In a time of rapid change, where technological, economic, and social factors continually reshape our world, these extraordinary times bring out the best in people and organisations.
“This year’s Top Employers Certification Programme showcases the resilience of the certified Top Employers 2025, who consistently prioritise the growth and wellbeing of their people, as they enrich the world of work. We are proud to celebrate these people-first leaders and teams as the Top Employers for 2025!” the chief executive of Top Employers Institute, Mr David Plink stated.
Jobs/Appointments
Nigerian Workers at Risk as Meta Plans to Sack 5% Global Workforce
By Adedapo Adesanya
Meta, the parent company of Facebook, WhatsApp and Instagram, is to cut about 5 per cent of its global workforce as it reforms towards operational efficiency.
In a memo to staff, the chief executive of the technology company, Mr Mark Zuckerberg, said he had decided to “move out low-performers faster”, ahead of what he said would be an “intense year”, and would be accelerating the company’s usual performance management system.
Meta employed 72,000 people globally at the end of September 2024, according to its latest financial report, meaning that 3,600 workers could be affected by the planned cuts.
The company plans to hire new people to fill the roles later in the year.
The announcement came just days after Meta said it would get rid of third-party fact checkers and would prioritise free speech as US President-elect Donald Trump prepares to return to the White House next week.
The tech firm is also terminating its diversity, equity and inclusion (DEI) programmes.
This development will likely affect its workers in Nigeria less than two years since the tech giant laid off about 35 members of its Nigerian team as part of a global layoff round in mid-2023, which affected over 10,000 workers.
Meta employees in the US who are affected by the job cuts are expected to be notified by 10 February, while those in other countries will be told at a later date.
“I’ve decided to raise the bar on performance management,” Mr Zuckerberg wrote in the memo.
“We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle.”
“This is going to be an intense year, and I want to make sure we have the best people on our teams,” he said.
The terminations will only include staff who have been at Meta long enough to qualify for a performance review.
Mr Zuckerberg also said the company would “provide generous severance” in line with previous job cuts for those who lose theirs.
Jobs/Appointments
Chile’s Jaime Carey Emerges International Bar Association President
By Modupe Gbadeyanka
The International Bar Association (IBA) has elected Mr Jaime Carey from Chile as its new president, succeeding Spain’s Almudena Arpón de Mendívil y Aldama and becoming the first from his country to lead the group.
He will head the group alongside Claudio Visco, a Senior Partner at Italian law firm, Lipani, the first time the association is having a joint presidency.
On September 19, 2024, the IBA Council adopted a resolution that ratified this arrangement for the years 2025–2026.
Mr Carey is a Senior Partner of Carey, Chile’s largest law firm, and has been a member of the IBA for 41 years.
Prior to becoming President, he held many senior positions in the IBA, including: Co-Vice President, Co-Secretary-General, Chair of the Legal Practice Division (LPD), Member of the Council of the LPD, Officer of the Diversity and Inclusion Council, Chair of the Latin American Regional Forum, Co-Chair of the Corporate and M&A Section, Member of the Advisory Board of the Law Firm Management Committee, Member of the Advisory Board of the Women’s Interest Group and was named a Male Champion for Change Ambassador by the Women Lawyers’ Committee. Also, he has been a member of the IBA Management Board since 2011.
‘I feel honoured to have been elected President of the International Bar Association and will carry out the duties of this office with full conviction and high resolve, building on the efforts of predecessors. Knowing that I am part of a continuum working to uphold the rule of law fills me with pride.
“During my tenure, I hope to increase the IBA’s visibility in Africa and Asia and encourage more peers in those regions to get involved in the Association’s work. Additionally, because I am from Latin America, I will work to increase the region’s visibility in the international legal community by creating more opportunities for interaction with colleagues from other jurisdictions,” Mr Carey stated.
‘Undoubtedly, our world is rapidly changing and becoming more divided. Legal professionals have a role to play in countering division.
“Since unity, collaboration, diversity and integration are essential to improving the world, it is my intention to encourage these things as widely as possible across all IBA constituents and as many jurisdictions as possible,” he added.
Being good friends since 1991, when they met at an IBA Conference in Hong Kong, Mr Carey and Mr Visco decided they would divide the two-year term and collaborate, with each serving as IBA President for a year.
In a joint statement, Mr Carey and Mr Visco commented: ‘We are grateful that this historic agreement was supported by the IBA Council.
“Our joint presidency reflects the collaborative approach of IBA members who freely and voluntarily share their knowledge with legal professionals around the world.
“As we continue the work that embodies the IBA’s founders’ vision of promoting and defending the rule of law and human rights globally in an environment of mutual respect, cooperation, and shared objectives, this shared two-year mandate will ensure order, coordination, and continuity.’
With Mr Carey as IBA President for 2025, Mr Visco is serving as President-Elect, but will take over as President next year, with the title of immediate past president to be assigned to Mr Carey.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN