The Managing Director and Chief Executive of Nigeria Social Insurance Trust Fund, (NSITF), Barrister Oluwaseun Faleye, has advocated the need for partnership between the Fund and labour unions, financial institutions, employers, and governments on improved welfare of workers in Nigeria.
He said this in Lagos at the 12th Triennial Delegates Conference of the Association of Senior Staff of Banks, Insurance, and other Financial Institutions, (ASSBIFI).
Speaking on the topic , “The Benefits of NSITF to The Nigerian Worker and The Roles of Financial Institutions in The Success of the Fund,” Barrister Faleye said:”This is not the time for silence. fragmentation and complacency. It is time for stronger alliance among stakeholders.”
He emphasized that the success of the Nigeria Social Insurance Trust Fund, (NSITF), and that of its Employees’ Compensation Scheme (ECS), depend largely on collaboration with financial institutions, labour unions, governments, and other stakeholders.
He said financial institutions touch every employer, employee, and organisation in the financial value chain.
He added:”Your system drives compliance, accountability, and efficiency. And your partnership can determine how widely, how quickly, and how successfully NSITF can deliver support to workers.”
He spoke on specific ways financial institutions could help facilitate the Fund’s service delivery to include: driving global compliance with ECS through; support for digital transformation; ensuring faster and real time compensation payments; and building a culture of security awareness.
He earlier took the gathering through a list of services provided by the Fund under the ECS.
He explained that the Fund “takes care of injured workers from the moment injury occurs, pays compensation to disabled workers and to families in case of fatality, restrains, and empowers disabled workers under the rehabilitation and return-to-work programme, and works in preventing work related hazards.”
“We live in a time when economic pressure threatens the dignity of labour. The worst thing that can happen to a worker is to face injury or occupational disease alone without support. NSITF ensures the worker doesn’t walk alone. We are the bridge over sudden hardship, the quiet engine of social protection, and a critical pillar in the national labour ecosystem,” Faleye added.
