Advantages Of SNIT

A first tier basic national social security scheme, which will incorporate an improved system of SSNIT benefits and shall be mandatory for all employees in both the private and public sectors; (payment of only monthly pensions and related benefits such as survivors benefit). a second tier occupational (or work-based) pension scheme, mandatory for all employees but privately managed, and designed primarily to give contributors higher lump sum benefits than presently available under the SSNIT or Cap 30 pension schemes;
And third tier voluntary provident fund and personal pension schemes, supported by tax benefit incentives for workers in the informal sector and also provide