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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
President Bola Tinubu has appointed Mr Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF).
This was contained in a statement on Tuesday by presidential spokesman, Mr Bayo Onanuga.
“His appointment is effective immediately following the pre-retirement leave of the incumbent AGF, Mrs Oluwatoyin Sakirat Madein,” a part of the statement read.
“In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms,” the statement added.
Mr Onanuga said Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors.
He described the appointee as a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF),
“He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs.
“A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement added.
According to Mr Onanuga, President Tinubu expressed his confidence in his appointment, saying, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.”
President Tinubu also commended the outgoing Accountant General of the Federation, Mrs Madein, for her dedication and selfless service to the nation.
After reaching the civil service’s statutory retirement age, Mrs Madein is retiring effective March 7, 2025.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirement as part of efforts by Governor Yemi Cardoso to restructure the workforce of the organisation.
In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, clarified that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.
According to the statement, the decision to implement the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.
Mrs Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said in the statement.
Addressing concerns about potential repercussions for staff who decline the package, Mrs Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.
She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
According to wide spread reports, there have been plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over N50 billion.
The mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).
The statement allegedly warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.
It was reported that the entire EEP was valued at N50 billion.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Benson Ogundeji as the chief executive of Greenwich Merchant Bank Limited.
The board of the financial institution for businesses had picked Mr Ogundeji as its substantive CEO but awaited the authorisation of the banking sector regulator.
He brings over three decades of extensive banking experience to this role as a seasoned financial services professional, who previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank.
In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.
Throughout his career, Mr Ogundeji has demonstrated exceptional expertise in business development and operational excellence.
Before joining the firm, he held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria, GTBank, and other notable banks, where he consistently displayed exceptional leadership skills.
His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans. Having related closely with the new CEO, as an Executive Director and acting CEO in the last four years, the board has expressed confidence about his ability to lead the bank in delivering our strategic goals.
“The board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer,” the chairman of Greenwich Merchant Bank, Mr Kayode Falowo, stated.
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