BRIEF EXPLANATION OF THE PENSION REFORM ACT 2014: FOR SMEs AND MSMEs

The Pension Reform Act 2014, which repealed the Pension Reform Act No. 2 of 2004 (repealed Act) was signed into Law on 1st day of July, 2014. The Pension Reform Act governs and regulates the administration of the contributory pension scheme for both public and private sectors in Nigeria. The crux of the Act isContinue reading “BRIEF EXPLANATION OF THE PENSION REFORM ACT 2014: FOR SMEs AND MSMEs”

BRIEF BREAKDOWN OF THE NATIONAL HOUSING FUND ACT

National Housing Fund (NHF) established by the NHF Act of 1992 is a Federal Government scheme, which entitles all Nigerians above the age of 21 years in paid employment to a government funded loan with low interest. The National Housing Fund was created by the Federal Government to cater for the housing needs of the Nigerian citizenry.

SHORT ANALYSES OF THE EMPLOYEE COMPENSATION ACT, 2010.

The Employee Compensation Act, 2010 (the Act) is the extant law governing the payment of compensation to all employees both in the public and private sector except members of the armed forces. It mandates all employers to contribute 1% of the total monthly payroll into the compensation fund and entitles all employees to claim compensationContinue reading “SHORT ANALYSES OF THE EMPLOYEE COMPENSATION ACT, 2010.”

TRADE UNIONS IN NIGERIA (series)

A trade union is an organized association of workers or employers from related fields – trades, profession or industry, who come together for the purpose of protecting its members against exploitation by their employers or supervisory or regulatory bodies, and ensuring the maintenance and improvement of their collective interests.

WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS

An employment contract also known as contract of employment is an agreement that covers the working relationship between an employer and an employee. It allows both parties to clearly understand their obligations, responsibilities and the terms of employment. An employment contract must clearly define all terms and conditions of the employment relationship. Under Section 91Continue reading “WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS”

Does the Central Bank of Nigeria have the power to stop banks from laying off their staff?

On the 3rd of May a press statement banning all banks from laying off staff (full time and part time) during this pandemic was released by the CBN. This press statement was an outcome of a meeting held between them and the Bankers’ Committee (this committee comprises of representatives from every bank in Nigeria. The Apex Bank in this press statement also stated that its approval must be sought if it becomes absolutely necessary to lay off or retrench staff.

The question begging for answer is, “Does the CBN have such power?”