The purpose of NSITF registration is to provide a system of compensation for employees in the instance of casualties or even death in the work environment. The NSITF is the acronym for Nigeria Social Insurance Trust Fund. It is an active and committed government institution saddled with the responsibility of catering for the employee’s welfare and safety within the working environment. It is backed up by the Employees Compensation Act (ECA) 2011 which not only offers compensation for work-related injuries but fights against deprivation and income security for affected employees.
The NSITF scheme doesn’t just provide compensation but also makes provisions for the financial future of their families in the event of death or permanent incapacitation that is work-related injury.
The NSITF certificate is also a vital document for obtaining government contracts.
WHAT ARE THE REQUIREMENTS FOR NSITF REGISTRATION
Requirements:
To begin registration, the following documents are needed:
i. Company incorporation documents.
ii. Duly completed and signed registration forms.
iii. Duly completed payroll schedule form.
iv. Evidence of payment of prescribed fees.
It is important to note that the employer or the company applies for NSITF registration. The employers contribute 1% monthly from the employee’s payroll into the Employees Compensation Fund which is managed by the NSITF Board.
The penalty for non-remittance of this contribution is 10% interest on the outstanding amount.
Registration Process
1. Submit application and accompanying documents for registration: A formal application is made in the name of the company for the certificate. The application is accompanied by other required documents some of which are listed above.
2. Make Payments: It is mandatory to make necessary payments assessment has been made by the NSITF staff to ascertain the amount to be remitted.
3. Issue of NSITF Certificate: After the assessment, payment, and payment receipts and copies are submitted, the NSITF will issue a receipt which will serve as the certificate before the NSITF compliance certificate is issued.
The NSITF certificate is valid for 1 (one) year.
HOW LONG DOES THE NSITF CERTIFICATE TAKE?
It takes about fourteen (14) days for the NSITF Compliance Certificate to be issued, which is proof of complete and successful registration.
WHAT IS THE BENEFIT OF NSITF REGISTRATION?
Getting the NSITF Compliance Certificate comes with its own perks and rewards, which are:
i. NSITF registration connotes compliance by the employer with relevant authorities
ii. Registration qualifies such companies for government contract awards
iii. It provides a sense of security for employees unable to work due to disabilities, and it ensures financial stability during challenging times.
iv. It provides compensation and support for employees afflicted by work-related illness, thereby promoting well-being and recovery.
v. It ensures the well-being of loved ones by providing financial support to dependents after the loss of the employee.
vi. It advocates for workplace health and safety standards in order to prevent accidents and protect employees.
vii. It also offers rehabilitation and reintegration programs to aid injured employees in their journey back to work.
RENEWAL OF NSITF CERTIFICATE
The NSITF compliance certificate is renewed yearly by the employer, by applying with the previous NSITF Certificate alongside the proof of previous payments.
CONCLUSION
Apart from the fact that as an employer or a company, registering employees under the National Social Insurance Trust Fund (NSITF) demonstrate compliance with the Employees Compensation Act (ECA) 2011, it also serves as an avenue for providing social and financial security not just for employees who experience casualties, but for their dependents as well.
And finally, the NSITF certificate is a mandatory requirement for applying for contracts.
Need help with NSITF registration? Send us a message through the Whatsapp icon or HERE, and we’ll respond to you.
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