Employee Benefits in Nigeria

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Employee benefits are any perks or advantages that an employee receives as part of their job. Benefits can include health insurance, retirement savings plans, paid time off, and more. Employee benefits are a key part of any compensation package. They can make a big difference in an employee’s quality of life and motivation to stay with a company.

employee benefits

What are the reasons that companies in Nigeria offer employee benefits?

It is no secret that companies in Nigeria offer employee benefits in order to attract and retain the best talent. However, many people are unaware of the reasons behind this generous practice. The first reason is to attract top talent. In a country with a population of over 190 million people, competition for the best employees is fierce. By offering attractive employee benefits, companies can entice top candidates to join their organizations. The second reason is to retain employees. Even the most talented employees will eventually leave if they are not satisfied with their working conditions. By offering employee benefits, companies can improve morale and keep their best employees from leaving. The third reason is to improve productivity. Employee benefits can act as a motivational tool, leading employees to work harder and be more productive. This increased productivity can lead to improved profitability for the company. Offering employee benefits is a common practice in Nigeria and there are good reasons for it. By attracting and retaining the best talent, improving morale, and increasing productivity, companies can improve their bottom line.

What are the most common employee benefits offered in Nigeria?

There are many benefits that Nigerian employees can receive from their employers. Some of the most popular benefits include:-

Wellness programs: Many employers offer wellness programs as an employee benefit. These programs can help employees improve their health and wellbeing.

Paid leave: Nigerian employers often offer paid leave as an employee benefit. This leave can be used for vacation, sick days, or personal days.

Retirement plans: Retirement plans are a popular employee benefit in Nigeria. Employers often offer retirement plans as a way to attract and retain employees.

Health insurance: Health insurance is another popular employee benefit in Nigeria. Employers often offer health insurance as a way to help employees cover the cost of medical care.

Is Employee health insurance a mandatory employee benefit in Nigeria?

In Nigeria, employee health insurance is not mandatory. However, most employers offer insurance to their employees as a benefit. The cost of the insurance varies depending on the employer, but usually it is relatively affordable. In addition to providing coverage for medical expenses, employee health insurance can also cover maternity leave, mental health care, and prescription medications. 

What is the cost for employee benefits package in Nigeria?

The cost of employee benefits in Nigeria can vary depending on the type and size of the company. However, the average cost of an employee benefits program in Nigeria is about $1,200 per year. This cost includes health insurance, life insurance, and retirement benefits.

MantraCare offers the most comprehensive and cost-effective employee benefits program starting at $3 per employee.

Who are the top employee benefits providers in Nigeria?

Mercer is a global consulting leader in talent, health, retirement, and investment solutions. They have over 1,000 employees in Nigeria who help clients design and implement employee benefits programs that attract and retain top talent.

Pinnacle Benefits is one of the leading employee benefits providers in Nigeria, offering a wide range of products and services to businesses and employees.

MantraCare is the top employee benefits solution provider in Nigeria. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.

Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.

In which cities can MantraCare offer Employee Benefits Packages in Nigeria?

  • Lagos
  • Kano
  • Ibadan
  • Port Harcourt
  • Benin City
  • Kaduna
  • Abuja
  • Maiduguri
  • Zaria
  • Aba
  • Jos
  • Ilorin

If you are a company in Nigeria, looking to implement an Employee Benefits program, talk to employee benefits experts at Mantracare: Schedule a Call >