Unemployment Benefits
Unemployment Benefits
The National Social Security Fund Act, 1997 provides for unemployment benefit for an insured person who is below fifty-five (55) years of age with at least 18 months of contribution prior to involuntary unemployment, and not receiving any other social insurance pension or benefit.
The unemployment benefit is calculated as a percentage of the individual's previous salary. An insured person with at least 18 months of contributions is entitled to 33.3% of their wages at the time of employment per month. An insured person with less than 18 months of contribution is entitled to a lump sum payment of 50% of their total contribution.
Unemployment benefits are payable for a maximum of six months within any 12-month period, with a lifetime limit of 18 months. If an individual remains unemployed for 18 months after their benefit period ends, they may request the Director General to transfer their contributions to a supplementary scheme of their choosing.
Source: §20 & 21 of the Social Security Schemes (Benefits) Regulations, 2018; §21 & 39 of the National Social Security Fund Act, 1997; Social Security Schemes (Benefits) (Amendment) Regulations, 2024
