Simplifying Payroll Management Amid Evolving Economic Labour Market Policies in Nigeria
Dunn and Braxton
Dunn and Braxton helps businesses optimize productivity by accessing dynamic teams of top talents at reduced costs.
The current economic uncertainty in Nigeria is evident, and while the government is striving to navigate the country in the right direction across all sectors, there is considerable discussion surrounding labor market policies. We’ve witnessed the implementation of new government labor policies aimed at alleviating economic challenges.
One such initiative is the now-paused Expatriate Employment Levy (EEL), which would have mandated a payment from employers who hire expatriate workers in the country. This levy required a yearly payment of $15,000 for the positions of directors and $10,000 for other categories. It's likely that we might see more subtle labor market policies of this nature in the future, potentially impacting payroll management in Nigeria.
What is Payroll Management?
Payroll management involves the systematic administration of employee salaries, wages, bonuses, deductions, and taxes within an organization, ensuring accurate and timely compensation while adhering to regulatory compliance.
With the introduction of additional policies impacting payroll management, employers must adapt their budgets to accommodate potential levies, resulting in increased operating costs. Furthermore, payroll managers must ensure compliance with new regulations and accurately calculate employees' salaries and organizational operational costs.
Overall, while these policies aim to protect Nigeria's local labor market, their implementation necessitates careful planning and management to address potential challenges for businesses and payroll systems.
Introducing Dunn and Braxton Payroll Management System
We have introduced a new payroll management system designed to assist both new and existing local or international businesses and organizations in complying with local laws and economic labor market policies in Nigeria.
领英推荐
Our dedicated payroll specialists ensure compliant, accurate, and timely handling of employee payroll, benefits, and employer mandatory remittances. Whether managing full-time, contract, remote, or local and expatriate employees, we ensure seamless payroll operations, freeing up valuable time and resources for businesses to focus on growth and success in Nigeria.
What Our Payroll Management Offers:
With that being said, streamlining payroll operations and ensuring compliance with local economic laws and labor market policies in Nigeria should be on every organization’s mind.?
Book an appointment with Dunn and Braxton Payroll Management System today and let our dedicated specialists handle your payroll needs with precision and efficiency.
Contact us now to schedule your consultation using the link below and take the first step towards hassle-free payroll management.