Other Employee-related Obligations

What are "Other Employee-Related Obligations?"

These obligations extend beyond basic payroll and encompass various areas, including:

• Pension and Gratuity: The Pension Reform Act of 2014 mandates pension contributions for all employees. We help you understand your obligations under the Contributory Pension Scheme (CPS) and ensure timely remittances to Pension Fund Administrators (PFAs). We also advise on gratuity calculations and payments, helping you comply with legal requirements and employee expectations.
• National Housing Fund (NHF): The NHF scheme requires employers to contribute 2.5% of their employees' basic salaries to facilitate affordable housing. Stransact ensures accurate NHF deductions and remittances, keeping you compliant with the law.
• Employee Compensation Schemes: Nigeria has various employee compensation schemes, such as the Employees' Compensation Act (ECA), which provides compensation for employees who suffer injuries or disabilities arising from their employment. We guide you through the ECA requirements, including registration, premium payments, and claims processing, ensuring you fulfill your obligations and protect your employees.
• Industrial Training Fund (ITF): The ITF levy is a mandatory contribution aimed at promoting and encouraging the acquisition of skills in industry and commerce. Stransact assists with ITF registration, levy calculations, and payments, ensuring your company complies with the law and contributes to national skills development.
• Expatriate Quota: Companies employing expatriates must obtain expatriate quota positions from the Ministry of Interior. We assist with the quota application process, ensuring you have the necessary approvals to legally employ foreign nationals. We also provide guidance on the tax implications and compliance requirements related to expatriate employment.
• Payroll Taxes: Beyond basic PAYE (Pay As You Earn) deductions, other payroll taxes may apply, such as state taxes and local government levies. Stransact provides comprehensive payroll tax services, ensuring accurate calculations, timely remittances, and full compliance with all applicable tax laws.
• Reporting and Compliance: Various statutory bodies require regular reporting on employee-related matters. We assist with preparing and submitting these reports accurately and on time, ensuring you meet your compliance obligations and avoid penalties.

Why Choose Stransact?

• Expertise: Our team of experienced professionals possesses in-depth knowledge of Nigerian labor laws and tax regulations. We stay up-to-date with the latest legislative changes, ensuring you receive accurate and timely advice.
• Tailored Solutions: We understand that each business is unique. We work closely with you to develop customized solutions that address your specific needs and challenges.
• Peace of Mind: By entrusting your employee-related obligations to Stransact, you gain peace of mind knowing that these complex matters are handled efficiently and professionally. This allows you to focus on your core business activities.
• Cost Savings: Our efficient processes and expert advice can help you optimize your employee-related costs and avoid potential penalties associated with non-compliance.
• Technology-Driven: We leverage cutting-edge technology to streamline processes, improve accuracy, and provide you with real-time access to your data.

Partner with Stransact and Simplify Your Employee-Related Obligations

Managing your workforce in Nigeria involves a complex array of legal and tax responsibilities. Stransact provides comprehensive solutions to help you navigate these challenges with confidence. Contact us today to learn how we can assist you with:

• • Pension and gratuity management
• • NHF contributions
• • Employees' Compensation Act compliance
• • ITF levy management
• • Expatriate quota applications
• • Payroll tax compliance
• • Statutory reporting