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Basic Employee Benefits You Need Be Aware Of

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Employee Benefits

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.

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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.

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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.

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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.

Basic Employee Benefits

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.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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Ecobank Promotes Employees for Better Efficiency

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Ecobank cardless withdrawal

By Aduragbemi Omiyale

To realign its workforce for better efficiency in line with best practices, Ecobank Nigeria has promoted 682 staff effective May 1, 2021,

The elevated employees represent 26 per cent of its core staff and the action was purely to reward their efforts and commitment to the growth of the business.

This development is coming despite the impact of the COVID-19 pandemic and all the attendant impact on business performance globally.

The Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, in a statement issued by the banking institution, disclosed that workers remain the greatest asset of the company.

“It is commendable that the board and management of Ecobank Nigeria exceptionally approved the promotion exercise at this time,” he was quoted as saying.

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He explained that, “The promoted staff were selected through Ecobank Group’s standardized performance management system; an in-house developed performance management system which uses both financial and non-financial metrics to appraise staff.”

“As we progress on the journey to becoming the bank of choice in Nigeria, the empowerment and growth of our people remain a critical cornerstone for achieving the desired market leadership, the Ecobank brand promise, and a respectable return to our shareholders.

“We are re-building our bank and our people continue to be the most valuable contributors to our present and future success.

“While these individuals have been recognized at this time, it by no means belittles the contributions of other colleagues who have also done well. The promotion is a continuous exercise and all hard-working employees will eventually be promoted,” Mr Akinwuntan added.

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“Let us continue to grow the bank and delight our customers to enable us to achieve our desired target of becoming the preferred bank in Nigeria and contribute positively to the growth of the Ecobank Group and Africa,” the MD urged the members of staff.

“As a bank, we remain committed to prioritizing the development and career growth of our people and ensuring commensurate recognition continues to apply to all other deserving staff,” he assured.

Meanwhile, Ecobank has announced the recruitment of the first batch of 60 new entry-level trainees into its workforce as part of its growth agenda.

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The new employees will be absorbed into the firm’s training programme at the state-of-the-art Ecobank Academy in Lagos.

This being part of the bank’s deliberate policy to train and equip its workforce in line with its transformation drive to make the bank the most preferred financial institution in the country.

The rigorous training of new staff is targeted at preparing the graduates to better serve its customers in a convenient and accessible manner.

Ecobank Nigeria is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing and Dubai).

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Gebeya Targets Chunk of $1.5trn Freelancer Economy Industry

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Gebeya Amadou Daffe Becky Tsadik

By Aduragbemi Omiyale

Though the global freelancer economy industry is estimated to worth $1.5 trillion, Africa only controls 1.4 per cent and according to data, North America accounts for over half of the total freelancers in the world, about 78 million, with $486 million going to tech freelancers.

But this is about to change as a pan-African source for freelance professional talent, Gebeya, is target a fair chunk of the pie.

In 2020, the company raised a $2 million seed investment co-led by Partech and Orange Ventures and followed by Consonance Investment Managers, to set up the machine for scale, fully automated and digitized.

On Monday, June 14, 2021, the firm announced the launch of its revamped marketplace, the first of its kind in terms of reach in Africa. Prior to investment, Gebeya operated mostly a manual non-scalable marketplace model.

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As experts project, freelancers will constitute 80 per cent of the workforce by 2030 andGebeya’s vision is to unlock the power of the skilled workforce on the continent and increase the number of innovative startups leading the helm of digital transformation.

The Gebeya Marketplace boasts of an intelligent matching algorithm that considers location, language, and budget, an automated matching for a seamless experience on a single dashboard and the ability to create a profile and request talent at no cost.

Also, the platform has an option to hire individual talent with specialized skills or build a core team, a dedicated Account Representative, a smooth handling of administrative and finance processes, and an access to a diverse pool, ready to work remotely.

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Visitors to the Gebeya Marketplace are matched with freelancers from a carefully curated pool, trusted by multinational telecommunications companies like Orange, as well as e-commerce startups such as Limestart, and logistics startup Paps.

“It’s time for businesses to leverage the sharp skills and fresh perspective that freelancers infuse into a permanent workforce,” said Amadou Daffe, CEO and Co-founder of Gebeya.

“Africa doesn’t have a talent deficiency, it has a matching problem and that is what Gebeya is seeking to address through the deployment of a true Pan-African freelance marketplace,” he added.

“Freelancers are part of a smart, agile hiring strategy. We plan to expand our pool of skilled freelance talent to 15,000 within the next 3 years,” noted Amadou.

Since its inception, Gebeya has played an integral role in aggressively moving the needle forward, bringing Africa’s competitiveness to the forefront of the global digital and technical landscape. New features on the platform will connect businesses with talent in minutes.

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Demand for African talent on the Gebeya platform is Pan-African, from East to West Africa – and reaches as far as the EU and the US, as its quality and calibre is comparable to freelancers in those markets. Clients are only matched with talents who have successfully passed vetting, testing, and an interview. Freelance talents possess experience in exploding sectors like fintech, healtech, agritech, and logistics & supply chains, meaning individual entrepreneurs, startups, and large enterprises alike will benefit.

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Nigerian Oil Workers Threaten to Shut Down Chevron

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Shut Down Chevron

By Adedapo Adesanya

Some oil workers under the aegis of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have threatened to disrupt oil field operations of Chevron Nigeria Limited.

The Nigerian oil workers, through its joint executive union, NUPENGASSAN, threatened this action following the refusal of the company to meet its 14-day ultimatum issued to address their demands.

In a letter addressed to the Managing Director and Chief Executive of Chevron Nigeria Limited, the aggrieved employees alleged the energy firm of inhumane treatment of three of their members.

“The inhuman treatment meted out to the affected Nigerian workers is antithetical to all applicable laws of the federal government of Nigeria as well as other international laws that guide employment and the protection of the rights of workers.

“As a union, we are greatly disturbed by your disregard for due process the termination of the Nigerian workers,” a part of the letter read.

The union also raised dust over what it described as the unlawful disengagement of Bukola Sola Adebawo, James Ukachukwu and John Ayeni.

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The group noted that the firing of the three workers attached to IESL, Candid Oil and Expameadow was influenced by Chevron, which it claimed adopted new labour policies that were detrimental to contract labour workers and in contravention of labour laws, as well as in disregard of the intervention of the Federal Ministry of Labour and Employment.

And as a result, the Joint Executive Committee of NUPENGASSAN in Chevron issued a 14-day notice, demanding that the termination of the Nigerian workers be rescinded, warning that it would take all steps deemed necessary to protect the rights of the Nigerian workers.

But after the 14 days’ notice expired, Chevron and the contract companies refused to meet the demands of the union.

The group said the 10 major issues raised in their letter dated January 21, 2021, have remained unresolved despite several meetings and the intervention of the Federal Ministry of Labour and Employment.

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“Our findings revealed that the management has tactfully perfected the plans to casualize the contracts, moving present IEME maintenance labour contract personnel to a service contract on reduced pay which will be determined by the new service contractors.

“All personnel on the IEME maintenance labour contract will be forced to go home, and the new companies will provide new employees for the service contracts,” the unions said, adding that the company was also determined to short-change staff who were compelled to work from home in the payment of compensation for ergonomic tools.

“CNL through her labour contract companies has directed labour contract personnel working from home to provide receipts for ergonomic chairs and tables for them to compensate with N70,000.

“The ergonomic chair costs $1,250 in the market; therefore, we are demanding unconditionally N150,000 flat payments to all affected labour contract personnel working from home as compensation for ergonomic tools required to work safely at home,” the oil workers’ group said.

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The union said that what it found most troubling was the surreptitious move to casualise the labour force, adding that – “it has come to the notice of NUPENGASSAN JEC that management plans to change all the manpower contract (Labour Contracts) to service contracts as it is presently happening to – IEME, Xepameado, and Ykish contracts. The contractors that supply manpower to Chevron are being categorized as service contract while the jobs remain as labour jobs.”

“The plan to change all jobs to casual jobs is against the FML&E guidelines. It is only a contractor that supplies manpower and tools to the organization that can be categorized as a service contract! The JEC is demanding that all manpower contracts should be changed to a labour contract with immediate effect.”

In its latest letter, the union threatened to shut down Chevron oilfield operations without further notice if the company fails to take necessary steps.

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