The Nigeria Deposit Insurance Corporation (NDIC) Salary and other additional benefits are the major parameters used to know the growth and productivity of the financial institution. The Salary structure at NDIC is in such a way that it carters for the well-being of the employees.
To determined how much an NDIC Staff can possibly earn in monthly or yearly in Nigerian Naira, you need to put into consideration, their qualifications, job role, rank and level of experience or professionalism.
The Nigeria Deposit Insurance Corporation (NDIC) is a government financial institution established through the promulgation of Decree No. 22 of 15th June 1988 to examine the operations of the banking system in Nigeria. The responsibility of the deposit insurance system is to protect depositors and guarantee the settlement of insured money when a deposit-taking financial institution is unable to refund their deposits, thereby ensuring financial system stability. Now, how much does NDIC pays its employees.
The average monthly salary of an NDIC staff is ₦200,000 while the expected monthly Salary Range from ₦210,000 – ₦400,000. The NDIC hired employees earning are based on educational requirements/qualification which determine their role and must work according to their responsibilities.
Insights on NDIC Salary Scale
The Deposit Insurance Scheme (DIS) being implemented by the NDIC was designed as a Risk Minimiser, with the mandate of Deposit Insurance, Bank Supervision, Failure Resolution and Bank Liquidation.
The Nigeria Deposit Insurance Corporation salary scale is based on the workers roles, ranking or managerial level and qualifications. Some NDIC Staff have professional skills and experience which will attract more monthly or yearly income and bonuses compared unskilled workers and even skilled workers with no experience.
Functions of NDIC
Section 2 of the Nigeria Deposit Insurance Corporation Act 2006 stipulates the functions for the Corporation as follows:
- Insuring all deposit liabilities of licensed banks and such other financial institutions(hereinafter referred to as “insured institutions”) operating in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking system;
- Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country;
- Giving assistance to insured institutions in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system;
- Guaranteeing payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act;
- Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
Check Out: Ongoing NDIC Recruitment
Salary Structure for top NDIC Staff
Some key positions in Nigeria Deposit Insurance Corporation really needs attention when it comes to how much employees in NDIC earn. The Average Entry-level monthly salaries is ₦150,000 per month.
The following are the Top key positions and the amount they possibly paid at the end of the month.
- Mid level workers in Lagos: ₦245,000 per month
- HR officers: ₦210,000 per month
- Finance Officers in Lagos: ₦270,000 per month
- Management Assistant in Lagos: ₦120,000 per month
- Manager in Lagos: ₦400,000 per month
- Bank Supervisor in Abuja: ₦245,000 per month
- Claims Officer: ₦210,000 per month
- Software Developer in Abuja: ₦300,000 per month.
The Statistics above indicate that the Maximum (highest) amount earn by an NDIC employee is at the managerial level which is ₦ 400,000 and the Minimum (lowest) salaries are earned by the Management Assistant staff at ₦120,000 per month.
Additional NDIC Employee’s Benefits
The NDIC staffs are not only rewarded with their salaries but are compensated with allowances, bonuses and other benefits according to their rank and responsibilities. The NDIC hired employees get benefits and incentives like accommodation, food, insurance, and travel expenses, to name a few, considerably increase the pay.
Frequently Asked Questions (FAQs)
1. Is NDIC a good place to work?
Yes, Nigeria Deposit Insurance has an employee rating of 4.3 out of 5 stars, based on 37 company reviews and this shows that most employees have an excellent working experience in NDIC.
2. Is NDIC owned by CBN?
The Nigeria Deposit Insurance Corporation (NDIC) is a member of the Financial Reporting Council of Nigeria. The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance.
3. How much is entry level salary in NDIC?
The Entry-level employees salaries at NDIC is ₦150,000 per month
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