Payroll Statutory Remittances in Nigeria | A Beginners Guide

[@segunakiode]

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[@ometerestv]

Thank you for this video, may you continue to feel motivated to do more and share your knowledge with everyone interested.

[@segunakiode]

Thank you for your kind words 🙂

[@adejayandemilola9935]

Thanks so much Mr Segun for the lecture. Its really awesome and detailed. Thanks so much. God will continue to enrich you with more knowledge

[@segunakiode]

Glad it was helpful! And thank you for your kind words!

[@daisyiloba564]

You are creating value for us , Thank you.

[@segunakiode]

Glad to be of value! Thank you 🙂

[@speakingwithlynn6362]

thanks for breaking this down for easy understanding as always. i have been picking a lot on technical aspects of HR job from your videos.

[@segunakiode]

It gladdens my heart, the video was helpful!

[@chidiibekwe7616]

Mr Segun that's a good one .Can you do something on Organizational Development Employee Satisfaction surveys and Learning Management System

[@segunakiode]

@Chidi Ibekwe - Thanks. I will add your suggested topic to my video content calendar.

[@oluwakemiidowu5990]

Thank you so much for this Segun. More power to your elbow.

[@segunakiode]

@Oluwakemi Idowu - thank you for your kind words!

[@KingpriestTheJoyfulOne]

Thank you Sir for this. I have an interview and this comes in handy as a refresher. God bless you Sir

[@segunakiode]

@Olamiposi Ademuyiwa - this is so heart warming. All the best in your job interview!

[@daniellaokpalaeke8823]

Thank you for this sir, payroll is now clearer to me.👍👍

[@segunakiode]

Glad to hear that!

[@habeebmoshood2521]

Thank you for this Impactful lesson Sir!. I'm a young aspiring Accountant, striving to acquire as more knowledge to have a good presentation during interview process.

[@segunakiode]

@Habeeb Moshood - I am glad you found the video impactful. All the best in your career aspiration!

[@chizomaimmaculata6261]

you are a good teacher,thank you

[@segunakiode]

You are welcome!

[@speakingwithlynn6362]

Very clear to me now. Very explicit. I gained some new knowledge about the payroll remittances. Can you also help shed more light on the difference byw the pension Act of 2004 and 2014?

[@segunakiode]

Thank you for your kind words! The main difference in the Pensions Act of 2004 and the Pensions Reform Act of 2014 is in the pensions computations. Pensions Act 2004 says minimum of 7.5% of BHT for both employee and employer while Pensions Reform Act of 2014 says minimum of 8% of BHT (as a minimum) for the employee and 10% of BHT (as a minimum) for the employer. Hope this helps?

[@shinavicks]

Thank you very much Sir for sharing your knowledge. You are a huge blessing

[@segunakiode]

@Oyesina Victor Akingboye - So nice of you! Thank you for your kind words. 🙂

[@adenirantemilade9453]

Thank you sir for your insightful training.

[@segunakiode]

So nice of you.

[@danielomobanji2609]

Thank you Mr. Segun

[@segunakiode]

@Daniel Omobanji - Thanks 🙂

[@abiodunoladimeji8574]

Thank you so much sir, that is a very impactful video. I now have a clear understand of payroll remittance. Pls sir, can you take it further to a typical payroll administration. Thanks for all the videos you are doing a great job. 👍

[@segunakiode]

Thank so much! I will add your suggestion to my video cotent calendar.

[@istifanusyakubulumi6774]

Please sir I need a payroll template prepare base on finance act 2023 looking at the Tax calculations in which their is a redefinition of the amounts to determine CRA

[@ofumekelvin9607]

thank you sir i just started following your channel i find it very interesting as i am a young man aspiring to be an accountant in the future plus also an auditor. please i need a full lectures on ICAN courses or ACCA as i plan to further an be recognized in one of the bodies. plus i need advice from you as well.

[@segunakiode]

Hello Ofume Kelvin, kindly book a career clarity session with me using this link - bit.ly/Call-Segun-Akiode

[@adenirantemilade9453]

Group Life Insurance is now statutory.

[@segunakiode]

@Adeniran Temilade - yes, it is part of the Pensions Reform Act (PRA) 2014.

[@graceokechukwu283]

@@segunakiode could it suffice to say that if Pensions are remitted, there won't be need for GLI?

[@segunakiode]

@@graceokechukwu283 Group Life Insurance is very critical alongside Pensions Remittances.

[@mayowaawoyemi1246]

Thank you for this wonderful video Sir. Regarding the reimbursement of the 50% funds of the pre-approved training by ITF at the end of the year(6.55-7.05sec). Does it mean that organisations have to send the training plans for the year to ITF prior the trainings?

[@segunakiode]

@Mayowa Awoyemi - glad the video was beneficial to you. To your question - yes, organization need to pre-approve staff training with ITF before it can qualify for training refund. The refund is premised on providing evidence (such as payment receipt, training certificates) that the pre-approved training held. Hope this helps?

[@mayowaawoyemi1246]

@@segunakiode Yes, it does!. Thank you Sir.

[@segunakiode]

@@mayowaawoyemi1246 Great! 👍

[@AskREO.]

You didn’t mention GLI isn’t it part of the employer obligation too?

[@segunakiode]

Group Life is Statutory by virtue or the Pensions Reform Act. It is an annual payment borne by the Employer on behalf of the Employees. It is not a monthly payment.

[@niithr2668]

Thank you sir but I thought you would mention Group Life which is handled by the employer

[@segunakiode]

@NIIT HR - Group Life is technically an employer cost as defined by PRA. It is usually include in the "annual staff cost" and not a direct monthly payroll element.

[@patriciaigbinoba9715]

@@segunakiode Thank you sir

[@adenirantemilade9453]

Can we please do an update of this? Group Life Insurance was not mentioned in the video.

[@segunakiode]

Group Life is Statutory by virtue of the Pensions Reform Act. It is an annual payment borne by the Employer on behalf of the Employees. It is not a monthly payment.

[@igwephilipa4703]

Hello Mr Segun Is the NHIS deduction mandatory? Where a company contracts a HMO does this replace the NHIS deduction? Thank you.

[@segunakiode]

@Igwe Philipa - provided the HMO is registered with NHIS.

[@felixdakuru2437]

Hi Segun, what do you have to say about firms that deduct health insurance cost directly from employee salary and no deductions for NHF is made from the employee?

[@segunakiode]

@Felix Dakuru - there are fair and unfair payroll practices from organizations to organizations. So more information is required to know why they do such.

[@ibrahimalakaba-sule878]

The lecture delivered here has just clarified that Health Insurance Cost is to be uncured by the Employer and not employees.

[@CapacityDesk]

How is gratuity calculated. Please throw light on gratuities

[@segunakiode]

Gratuity calculations differ from one organization to another. It usually depends upon the tenure of service and last employee basic salary. For example: it could be Last employee basic salary X number of completed years of service. Other variations of this also exist.

[@CapacityDesk]

But is gratuity another strategy of reducing taxable income for either company or employee?

[@segunakiode]

@@CapacityDesk Gratuity is Tax exempt. It is not a strategy. It is only paid when an employee exits the organisation following set down principles for gratuity payment.

[@CapacityDesk]

According to SeamlessHR, there are 6 ways to reduce PAYE in Nigeria and one of the six is to maximize employees' gratuities

[@segunakiode]

@@CapacityDesk gratuity is tax free!

[@ajayisamuel6330]

Good evening sir. Please, is it possible to calculate gross pay without actual figure for pension , PAYE tax, basic, transport and housing ?

[@segunakiode]

Your question is not clear. Can you rephrase it?

[@ajayisamuel6330]

How do I calculate gross pay with net

[@ajayisamuel6330]

Given the percentage of the salary breakdown to be 40,30,30 BHT

[@salmaangedi9502]

What happens if an employee resumes in the middle of the month kindly clarify for me this

[@segunakiode]

The Employee’s salary will be porated to the number of days worked.