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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 Aduragbemi Omiyale
The board of Fortis Global Insurance Plc has been strengthened with two new additions, with Mr Umar Faruk Umar appointed as an independent non-executive director and Mr Ufuoma Ibru as a non-executive director.
A statement signed by the company secretary, Ms Halima Jimada, disclosed that the appointments followed the approval of the National Insurance Commission (NAICOM), an agency that regulates the insurance sector in Nigeria.
The board expressed optimism that the new directors will bring their wealth of experience to bear in driving the growth and expansion of the business, and that the company will be further strengthened by their valuable contributions.
Mr Umar is an accomplished educationist, public servant and corporate director with over 40 years of professional experience, including over 30 years of board and corporate governance experience.
He holds a PhD in Educational Psychology from the University of Wisconsin, USA. He has also undertaken executive education and corporate governance programmes at Harvard University, Stanford University and INSEAD.
He has held senior positions in the public and private sectors and previously served on the boards of Ashaka Cement Plc, CCNN Plc and NAHCO Plc, where he chaired and served on various board committees, including Audit, Risk Management, Governance, Finance and Establishment.
He currently serves on the Boards of GTL Registrars Limited and the Nigerian Capital Market Development Fund. His extensive experience in corporate governance, risk management, finance and strategic oversight will bring significant value to the Board in his capacity as an independent non-executive director.
On his part, Mr Ibru is a legal practitioner and an experienced non-executive director with extensive professional and board experience in the hospitality, tourism and financial services sectors. He has served on the boards of Ikeja Hotel Plc, The Tourist Company of Nigeria Plc and Icon Stockbrokers Limited.
He holds a Bachelor of Law from the University of Oxford, and was called to the Nigerian Bar in 2003. He also holds a Bachelor of Engineering in Mechatronic Engineering from the University of London.
Mr Ibru has significant experience in corporate governance, strategic management, legal and regulatory matters, investment transactions and stakeholder engagement.
He brings to the board a strong combination of legal, commercial and corporate governance expertise, which will support the effective discharge of his responsibilities as a non-executive director.
By Adedapo Adesanya
Heirs Life Assurance, a specialist life insurance company owned by Nigerian business mogul, Mr Tony Elumelu, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Nigeria, despite being Africa’s largest economy, continues to record insurance penetration of less than one per cent, ranking among the lowest globally and underscoring the need to deepen financial protection and strengthen public confidence in insurance. As Heirs Life advances its goal of making insurance more accessible to Nigerians, the appointment of the preacher is expected to bring valuable insight in community engagement, values-driven leadership and initiatives with wider social impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America. He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he is regarded as one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, the clergyman is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1 billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA). He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Mr Elumelu, Chairman, Heirs Life Assurance, said, “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities. As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians. We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said, “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience. I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
By Aduragbemi Omiyale
The conclusion of the 2025 Performance Appraisal Exercise of Abuja Electricity Distribution Company (AEDC) has resulted in the promotion and step increments of about 1,126 employees of the organisation.
The reward for performance involved the promotion of 547 employees and 579 step increments, reaffirming the company’s unwavering commitment to recognising excellence, rewarding performance and building one of Africa’s most admired workplaces.
AEDC disclosed that these actions reflect its deliberate investment in its people as the energy firm accelerates its transformation into a customer-centric, high-performing electricity distribution company with global standards and Pan-African aspirations.
The promotions and step increments, approved by the management, recognise employees who have demonstrated exceptional commitment, professionalism and outstanding performance in advancing AEDC’s strategic objectives.
However, employees who were not successful in the current appraisal cycle have been urged to remain committed, emphasising that the performance management process is designed to support continuous growth, capability development and future advancement opportunities.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. Today’s announcement is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth.
“As we continue our transformation journey, we are building an organisation where our employees can develop rewarding careers, realise their full potential and proudly contribute to creating one of Africa’s leading electricity distribution companies,” the chief executive of AEDC, Mr Chijioke Okwuokenye, stated.
He added that AEDC is intentionally creating a workplace where merit, continuous learning, innovation and collaboration drive career progression, while employee wellbeing remains central to its long-term strategy.
