FG urged to compel firms to incorporate staff housing

THE Federal Government has been urged to compel firms with 50 employees to incorporate staff housing as part of conditions of employment.

Housing, according to the Principal Partner, M.I. Okoro and Associates, Dr. Meckson Innocent Okoro, will be provided through Renewed Hope Estates with FMBN funding policy and tenure of 30 years.

He explained that each of the beneficiary staff would have access to housing at the point of employment so that instead of the employer deducting housing fund from their salary without remitting, the deduction will be used to assist the employee to pay the initial equity contribution of 10 per cent of the housing cost.  

He made the suggestion during the signing of MoU between  Qshelter Limited and M.I. Okoro & Associates on the marketing and sale of the Renewed Hope Estates in Lagos.

Okoro’s suggestion is hinged on the non-compliance of employers to the national housing fund.

“Since the government made law that workers contribute to National Housing Fund by certain amount deducted at source from the workers employers, I observed years in, years out, most of these contributors do not benefit from owning their houses through these contributions even when they retire. Now, instead of waiting to access this fund at retirement, when the money would have lost values due to inflation.

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“I suggest that the government would make a policy that any company that employs 50 staff and above would incorporate staff Housing as part of conditions of employment, which will be provided through Renewed Hope Estates with FMBN funding policy and tenure of 30 years, and each of the beneficiary staff would have access to housing at the point of employment so that instead of the employer deducting without remitting, such deducted money could be used to assist the employee to pay the initial equity contribution of 10 per cent of the housing cost,” he said.

The benefits, he said, will enable the staff to work very long in the employment of the company, while, at the same time, reduce desperation to make illegal money from the employment because the company has resolved a major component that will cause any staff to get involved in quick-fix money-making.