By What is the work of Industrial Training Fund?
As part of its responsibilities, the ITF provides Direct Training, Vocational and Apprentice Training, Research and Consultancy Service, Reimbursement of up to 50% Training contribution paid by employers of labour registered with it, and administers the Students Industrial Work Experience Scheme (SIWES).
How much is ITF salary?
ITF Salary
| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $96,500 | $8,041 |
| 75th Percentile | $61,000 | $5,083 |
| Average | $51,826 | $4,318 |
| 25th Percentile | $29,500 | $2,458 |
How is ITF calculated in Nigeria?
Industrial Training Fund (ITF) contribution. Every employer with at least five employees or an annual turnover of ₦50 million must contribute 1% of its annual payroll cost to the Industrial Training Fund. First-time employers have to register for ITF at the relevant zonal office.
How do I register for ITF in Nigeria?
ITF REGISTRATION BY A NEW EMPLOYER.
- A prospective Employer is expected to complete ITF Form 7A (which is available online).
- The completed Form 7A is to be submitted to the nearest ITF Area Office along with:-
- The company will be assessed for its liability by ITF Revenue, Inspectorate and Compliance Officers.
What is Siwes Nigeria?
Students’ Industrial Work Experience Scheme (SIWES) is a programme designed to expose and prepare students of Universities, Polytechnics, Colleges of Technology, Colleges of Agriculture and Education for Industrial Work situation which they are likely to meet after graduation.
Who is the head of ITF?
SIR JOSEPH N. ARI Sir
PROFILE OF THE DIRECTOR-GENERAL/CHIEF EXECUTIVE OF THE ITF,SIR JOSEPH N. ARI. Sir Joseph Ari was born on the 21st of December,1960.
How much tax is deducted from salary in Nigeria?
This tax rate progresses from 7 percent to 24 percent of taxable income….Tax rates.
| Annual taxable income (NGN) | Rate | Tax payable per annum (NGN) |
|---|---|---|
| First NGN300,00 | 7% | 21,000 |
| Next NGN300,000 | 11% | 33,000 |
| Next NGN500,000 | 15% | 75,000 |
| Next NGN500,000 | 19% | 95,000 |
How do I become ITF certified?
DOCUMENTS REQUIRED TO OBTAIN AN INDUSTRIAL TRAINING FUND (ITF) COMPLIANCE CERTIFICATE
- Copy of company’s Certificate of Incorporation issued by Corporate Affairs Commission’s.
- Certified true copies of the company’s Audited Account.
- Copy of the Company’s Tax Clearance.
- Payroll.
What is the work of ITF in Nigeria?
The purpose of the Act was to establish a Fund – The Industrial Training Fund (ITF) – to be utilized to promote and encourage the acquisition of skills in industry or commerce in Nigeria with a view to generating a pool of indigenous trained manpower sufficient to meet the needs of the economy.
How do you introduce Siwes?
In this chapter, you’ll have to write on:
- SIWES.
- Scope, Aim and Objectives of SIWES.
- History and Background of your Workplace e.g. you can include the owner/manager(s) names, year of establishment, staff strength etc.
- Company’s Objectives (Vision, Mission, Values) and Scope of Service.
- Board of Directors (if applicable)
When was the Industrial Training Fund Act amended?
INDUSTRIAL TRAINING FUND (AMENDMENT) ACT, 2011 ACT No. 19 AN ACT TO AMEND THE INDUSTRIAL TRAINING FUND ACT CAP. 19, LAws OF THE FEDERATION OF NIGERIA, 2004 ; AND FOR RELATED MNITERS. [3rd Day of June, 2011] ENACTED by the National Assembly of the Federal Republic of Nigeria— 1.
Where is the Industrial Training Fund in Nigeria?
Printed and Published by The Federal Government Printer, Lagos, Nigeria FGP 103) Annual Subscription from 1st January, 2011 is Local : Overseas : M 1,500.00 [Surface Mail] N24,500.00 [Second Class Air Mail]. Present issue NI ,500.00 per copy.
What should you know and do about the Industrial Training Fund?
Contributions for this purpose include underpayment and any interest or penalty payable for late payment. Any question or dispute relating to liability of an employer to pay contribution under the Act is to be determined by the court (previously by the Minister of Industry).
Where can I get Industrial Training Fund Gazette?
Present issue NI ,500.00 per copy. Subscribers who wish to obtain Gazette after 1st January should apply to the Federal Government Printer, Lagos for amended Subscriptions. INDUSTRIAL TRAINING FUND (AMENDMENT) ARRANGEMENT OF SECTIONS SECTION : ACT, A 373 2011 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 15. 16. Amendment of Cap. 19 LFN, 2004.