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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.

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.

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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University of Ibadan Elects Prof Adebowale as 13th VC

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Prof Adebowale

By Adedapo Adesanya

Professor Kayode Adebowale has emerged as the 13th Vice-Chancellor of Nigeria’s premier university, the University of Ibadan, Oyo State.

This was disclosed by the Chairman of the institution’s Governing Council, Mr John Odigie-Oyegun, on Thursday at the Senate Chambers in Ibadan.

He said the Joint Council-Senate Selection Board interviewed the eight candidates shortlisted and the Professor of Chemistry, who until his appointment was the Deputy Vice-Chancellor (Administration), was preferred to head the 73-year-old university.

Mr Odigie-Oyegun said: “Two representatives of the Federal Character Commission (FCC) and the representatives of the Federal Ministry of Education were in attendance.

“At the end of the very thorough, transparent and highly competitive exercise, Prof. Kayode Oyebode Adebowale emerged as the best candidate for the position of Vice-Chancellor.

“The Governing Council, at its just-concluded meeting today considered the report of the Selection Board and approved the recommendation of the Board to appoint Professor Kayode Oyebode Adebowale as the next Vice-Chancellor of the University of Ibadan.”

Mr Odigie-Oyegun further said that the position of the VC became vacant on December 1, 2020.

In his acceptance speech, Prof Adebowale said that though, he was not the best among all the candidates, he was happy to have been appointed to the institution’s apex position and called for support from the entire university community for his administration.

The selection came almost a year after the process for the appointment of the 13th substantive vice-chancellor at the University of Ibadan was halted. Sixteen candidates had applied to lead the university.

However, the withdrawal of a former Dean, Faculty of Arts of the same institution, Professor Remi Raji-Oyelade, had reduced the number to 15.

Following a screening exercise by the Governing Council of the university, the number of contestants was pruned to eight on Wednesday.

Those who scaled through the screening on Wednesday included the Acting VC, Professor Adebola Ekanola, Professors Yinka Aderinto; Adebowale; Ademowo and Babatunde Salako.

The process of appointing the 13th vice-chancellor of the university began afresh under the newly appointed Chairman of the institution’s Governing Council.

This was due to various allegations of malpractices by various factions within the university community under the former VC, Professor Idowu Olayinka.

The new race, which commenced in the second week of July 2021, came after the decision on the cancellation of the initial process of the VC race by the new Governing Council of the University.

The initial UI VC race, which started in May 2020, ended on November 23 with the directive from the Federal Ministry of Education, through the Nigerian Universities Commission (NCC), due to various crises that marred the election of members of the Senate representatives.

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Senate Confirms Justice Baba-Yusuf as FCT Chief Judge

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Justice Baba-Yusuf

By Sodeinde Temidayo David

The Nigerian Senate has confirmed the nomination of Justice Hussein Baba-Yusuf as the Chief Judge of the Federal Capital Territory (FCT) High Court.

President Muhammadu Buhari had last week transmitted a letter to the upper chamber of the National Assembly for the confirmation of Justice Baba-Yusuf for the position.

Mr Buhari had explained in the letter that the nomination of the respected legal practitioner was in accordance with the provision of Section 256(1) of the Constitution of the Federal Republic of Nigerian 1999, as amended.

At the Senate, the nomination of the judge was considered and approved following the recommendations of its Committee on Judiciary, Human Rights and Legal Matters headed by Mr Opeyemi Bamidele.

While presenting his report on Tuesday, Mr Bamidele said the judge met all the requirements expected of him.

Mr Baba-Yusuf has been holding the position in an acting capacity since August and is now recognized as the chief judge following the approval.

The development followed the resignation of Mr Salisu Garba as the chief judge of the FCT high court.

The Chief Judge is the highest judicial officer in the state and acts as a chief administrative officer as well as a spokesperson for the judicial branch.

The Chief Judge presides over oral arguments before the court and also has significant agenda-setting power over the court’s meetings.

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FG to Deepen Job Creation in Green Economy

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Green Economy

By Ashemiriogwa Emmanuel

The Federal Government of Nigeria has drawn attention to the vast provision of job opportunities in the green economy of the country.

It considered the sector’s provision of creating environmentally-friendly jobs in areas such as construction, renewable energy, afforestation, and waste management, which includes e-waste.

The Minister for Labour and Employment, Mr Chris Ngige, who mentioned this at the opening of the 6th Meeting of the National Employment Council, noted that the opportunities presented, especially to youths, in this sector have not been explored enough.

Speaking on the theme Creating Environmental Friendly (Green) Jobs, the Minister, represented by the Director, Employment and Wages, Mr John Nyamale, noted that the government was committed to the large-scale installation of mini-grids and solar home systems.

He said this will be effective in a minimum of five million households not currently on the grid as part of the government’s post-COVID-19 economic recovery plan titled Bouncing Back.

The Minister, in a statement by the Deputy Director, Press and Public Relations in the ministry, Mr Charles Akpan, said that the council will discuss extensively the activities of the federal ministries of Power and Environment, in evolving strategies and innovative ideas to create decent jobs in the green economy.

“This council has the responsibility of following up on the implementation of this plan and making useful recommendations that can deepen job creation in the green economy,” he explained, urging participants to be aware of the presentations from the critical ministries.

Mr Ngige also disclosed that the council would be informed on the implementation of the afforestation program and Nigeria’s Sovereign Green Bonds by the Federal Ministry of Environment.

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