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.
By Adedapo Adesanya
Energia Limited has announced the appointment of Mr Oladimeji Bashorun as its chief executive to lead its next phase of growth following the exit of Mr Chidi Egonu.
Mr Bashorun, who previously served as the company’s Chief Operating Officer (COO), steps into the role after years of providing strategic and operational leadership within the organisation.
During his tenure as COO, he was at the helm of the company’s operations, driving operational efficiency and supporting the company’s long-term growth strategy.
A seasoned oil and gas professional with over two decades of industry experience, Mr Bashorun held several technical and leadership roles at Shell Petroleum Development Company and later at Sahara Upstream before joining Energia.
In these positions, he contributed to operational leadership, asset management, and initiatives focused on improving operational stability and performance, according to a statement by the company.
Commenting on the appointment, Mr George Osahon, Chairman of the Energia board, said: “Oladimeji Bashorun has demonstrated exceptional leadership and deep industry expertise during his time as Chief Operating Officer.
“His commitment to operational excellence and strategic growth has been instrumental to Energia’s progress.
“The board is confident that under his leadership as the Chief Executive Officer, the Company will continue to strengthen its position as a key player in the industry, while delivering sustained value to its stakeholders.”
Speaking on his new role, Mr Bashorun said, “I am honoured to assume the role of Chief Executive Officer of Energia. Working closely with a talented team that drives the company’s success, I look forward to building on our achievements and advancing Energia’s commitment to operational excellence, responsible energy development, and value creation for our stakeholders.”
Under his leadership, Energia said it will continue to focus on strengthening operational performance, expanding strategic opportunities, and contributing to Nigeria’s energy security, while maintaining its commitment to environmental stewardship and community development.
By Aduragbemi Omiyale
Sunu Assurances Plc has appointed Mr Olayinka Adaramola to its board as an executive director.
The appointee will be in charge of Technical Operations, a statement signed by the company secretary, Taiwo Kuku, disclosed.
Mr Adaramola is an astute insurance professional with over two decades of experience in underwriting, claims and strategic operations, combining technical expertise with academic excellence.
He obtained his Higher National Diploma (HND) in Insurance from Lagos State Polytechnic, Isolo, in 1996 and MBA in Marketing from Ladoke Akintola University of Technology, Ogbomosho, in 2009.
He began his professional career in September 1998 in the General Accident Department of Leadway Assurance Company Limited, where he honed his skills in underwriting different classes of insurance business and survey inspections.
Prior to joining the board of SUNU Assurances Nigeria in February 2026, he served as the Executive Director, Technical Operations of Capital Express Indemnity Insurance Limited.
He has attended various courses within Nigeria and the United Kingdom. He is an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN).
In a related development, Sunu Assurances has announced the resignation of Mrs Olajumoke Bakare from its board with effect from April 1, 2026.
Mrs Bakare served as an independent non-executive director on the board after receiving regulatory approval for her appointment on April 7, 2022.
During her tenure, she served diligently on various board committees and contributed meaningfully to the board’s deliberations.
In accepting her resignation, the board expressed its profound appreciation for Mrs Bakare’s distinguished service, noting her thoughtful contributions, sound judgment, and principled approach to matters before the board.
It further acknowledged that her input significantly influenced both its decisions and overall effectiveness, reinforcing a culture of strong governance rooted not only in technical competence but also in integrity, trust, and composure.
By Aduragbemi Omiyale
The chairman of Creditville Limited, Mr Michael Uwakwe, has been appointed to the board of Chams Holding Company Plc as a non-executive director.
His appointment, according to a statement from the organisation, was effective Wednesday, April 1, 2026.
The board expressed confidence in his dynamic leadership, saying it will foster collaboration, inspire teams, and deliver transformative results for stakeholders.
Mr Uwakwe, who retired from TotalEnergies after 30 years of active service, chairs Creditville Limited, a financial services company involved in consumer lending, equipment leasing, capital market operations and real estate.
He is a Human Resources professional by qualification, training and experience with a deep interest in analysing financial markets around the globe. He is also well-versed in all aspects of investment analysis, asset allocation, and risk management and is a PENCOM-approved member of the Investment Strategy Committee of the Total Closed Pension Fund.
Mr Uwakwe sits on the board of Redwood Asset Management Company Limited, a SEC-approved Fund & Portfolio Manager.
He is a Fellow of the National Institute of Credit Administration of Nigeria, a member of the Chartered Institute of Personnel & Development (UK), a member of the British Psychological Society (London), and an Associate Member of the Nigeria Institute of Management.
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