NIGERIA SOCIAL INSURANCE TRUST FUND (NSITF) CERTIFICATE REGISTRATION
The Nigeria Social Insurance Trust Fund (NSITF) formally known as Provident Fund Scheme (NPF) was established vide Decree No. 73 of 1993 to succeed the defunct National Provident Fund (NPF), which had been in operation since 1961.
Prior to the enactment of the Pension Reform Act in 2004, NSITF provided a Defined Benefit Scheme through Social Insurance method for employees in the Organized Private Sector. The Scheme covered contingencies of Old Age, Invalidity, Survivor and Emigration (for contributing members relocating permanently outside Nigeria)
The Nigeria Social Insurance Trust Fund is targeted at protecting private sector employees (whose employers were then mostly multinationals) from financial difficulties in the event of either old age, cessation of employment, invalidity or death since most employers then did not have such provisions in their employment policies.
NISTF Certificate is one of the requirements you need as a corporate body to do business in Nigerian Oil & Gas sector.
THE EMPLOYERS’ RATE OF CONTRIBUTION OR ASSESSMENT.
The employers’ rate of contribution is 1% of total payroll, consisting of total emoluments.
For you to get your company’s NSITF certificate, there will be a physical assessment of your employees’ wages by a NSITF staff to ascertain the amount you will for per month x by 12 months.
- Put together all the required documents and proceed to NSITF nearest office. Make four (4) copies of each document.
a. CAC Certificate
b. Evidence of Remittance of Monthly Contribution with your company letter head paper.
c. Tax Identification Number (TIN)
d. Directors ID
e. NSITF Payment Receipt
f. NSITF Previous Certificate (for renewal)
g. A letter for REQUEST FOR THE ISSUANCE OF COMPLIANCE CERTIFICATE with your company letter head.
h. Staff List
i. Staff Payroll
- Get your company’s assessment (amount to pay) by NSITF staff.
- Generate your RRR code and make your payment.
- Get a copy of your payment receipt and make copies.
- NSITF will assess it and issue you a receipt that can serve as the certificate till they issue you your certificate.
Thank for reading, for more, visit NSITF website
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