What Is Minimum Wage? Minimum wage is the lowest amount of pay an employee can legally receive from his or her employer. In the United States, the current federal minimum wage is $7.25 per hour. However, for Nigeria, the history of minimum wage is more complicated. History of the Minimum Wage in Nigeria The first […]
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While professional employer organisations (PEO) in Nigeria should be well-known for providing services such as benefits and payroll, they are capable of much more. To attract and retain the best talent in today’s competitive workforce environment, for-profit and non-profit organisations are constantly looking for strategic advantages and cost savings. In addition, with many organisations embracing
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As the opportunities in Africa continue to multiply, organisations are now increasingly curious about their chances on the continent, with some already committing resources to establishing a foothold therein. Already, the FDI inflows into Africa reached a new high of $83billion in 2021. It is no wonder that some experts have dubbed Africa the biggest
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This is a complete guide to the 13th month pay for employees (remote, distribute or onsite) teams based in Africa. We’ll show you the following: What precisely the 13th month payment entails. Difference between 13th and 14th month pay. How to calculate the 13th month salary The general practices and statutory requirements for the thirteenth-month
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HR Review – Handling HR for clients can be exhilarating and, at times, intimidating. Each of our clients faces unique challenges, which makes for exciting work. But, of course, being anxious about giving clients good guidance is natural. In addition to managing anxiety about client needs, HR reps must also manage liability risks to the
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As a global organisation, you should conduct a payroll audit regularly, whether you are striving to ensure your payroll processes are accurate and compliant or your business is preparing for an inspection from a regulatory body. When properly administered, a payroll audit is an effective way to ensure that proficient payroll processing meets your legal
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Today’s competitive market requires a well-implemented offboarding best practices process to facilitate a compliant and seamless transition when employees leave an organisation. Handling employee offboarding sensitively and compliantly for your entire business and team is crucial. “Offboarding” marks the end of an employee’s working relationship with their employer due to termination, resignation or retirement. If
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What is Payroll accounting, you ask? Payroll Accounting involves the recording of all transactions in your books. Payroll accounting also consists of filing and tracking employee compensation data like money withheld from each paycheck, taxes, and benefits the employee receives. What Does Payroll Accounting Include? Employee compensation Payroll taxes Employer taxes The employer portion of
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It’s easy to confuse salary revision with terms like a salary increase, increment, structure and the like, so what is salary revision? Salary revision involves modifying a pay structure, including all primary salary components — before paying salaries to employees within an organisation. This payroll modification is a broader term for comprehensively reviewing all salary
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Tax is imposed on persons either in employment or is running their small businesses under a business name or partnership. PAYE and Direct Assessment are ways of assessing individuals to tax in Nigeria. The Personal Income Tax Act (Cap P8 LFN 2004) is the legislation guiding the taxation of personal income in Nigeria. Under the
Pay As You Earn (PAYE) vs Direct Assessment Tax in Nigeria Read More »