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Managing Director of the Nigeria Social Insurance Trust Fund, (NSITF), Barrister Oluwaseun Faleye, has said that social insurance is a necessity for all Nigerian businesses.
Faleye said this at a sensitisation program organised by the Fund for stakeholders from the Informal sector of the Nigerian economy on extending social protection to the sector, at the Golden Royale Hotel, Enugu, Thursday.
"Social Insurance is not a privilege for big corporations. It is a necessity for every Nigerian business." he said in his opening remarks.
The NSITF boss, who was represented by General Manager, Informal Economy Department, Chika Onyewuchi., highlighted the importance of the Informal sector as the backbone and heartbeat of the Nigerian economy, and went further to underscore the necessity for social protection for the sector.
He said it was the most vulnerable sector "exposed to risks, economic shocks and without social protection."
"The challenge before us is clear: we must connect the Informal sector to opportunities, protections, and systems that enable them not just to survive--but to thrive,” he posited.
Faleye explained that the Employee Compensation Act 2010 provided for the Employee Compensation Scheme and mandates all employers of labour in Nigeria to contribute 1% of the workforce payroll to the Fund in lieu of a just and transparent compensation in case of work-related injuries, diseases, disabilities and deaths.
According to him, the Fund's mandate includes promotion of workplace safety and health through risks assessment, sensitisation and promoting best practices in occupational safety and health.
The sensitisation program is in continuation of the Barrister Oluwaseun Faleye-led management of NSITF to expand the safety net to better provide succour and support for the Nigerian workers in time of need.
He said, " We advocate safety in the workplace and as such, provide free workplace safety audits, safety training, awareness programmes, and compliance monitoring."
Calling on stakeholders in the sector to enroll in the Employee Compensation Scheme, Faleye said, "when we protect workers, we empower businesses. When we empower businesses, we grow the nation."