On a daily basis, most Nigerians cannot avoid spending their hard-earned money on basic and not-so-basic necessities.
This is so, especially in cities like Lagos, Abuja and Port Harcourt where the going rate for products and services are some of the highest in the country.
And given the level of income and the staggering rate of inflation in the country, the average monthly income may not be enough to take care of one’s bills and expenses. So, are there other avenues to get extra income or cash to augment the meager earnings? Of course! We are going to answer this question by examining the different types of bonuses available to Nigerians.
Annual Bonus
First up on our list is the annual bonus offer. Most employees with Nigerian companies get this type of bonus.
Although the size of the bonus depends on the success of the organization and hierarchy.
Workers at a company with a high yield at the end of the Calendar year, are likely to get good bonuses. And at other times, little or no bonuses when the profit is nothing to write home about.
Signing Bonus
A signing or sign-up bonus is a type of bonus available to workers when they take on a new role or position. This is usually offered when a company is looking to poach a talent or looking to bring a potential employee into the fold from other cities.
This bonus could come in the form of covering some of the cost of moving from one city to another.
Another way to put it is to describe this bonus as an incentive to get props or tube new employees to accept a job offer.
Retention Bonus
A retention bonus is not dissimilar to a signing bonus. It is also used to retain talents or the best hands in an organization. If a valuable employee is on the verge of leaving a company, the management could offer a bonus for the employee to reverse his or her decision.
It is also common during a merger or acquisition where the company acquiring another company will offer an extra incentive for a valued worker to stay on.
Betting Bonuses
Sports betting is a growing industry in Nigeria and more betting companies are setting up businesses in Nigeria. Due to the competitive nature of the business, bookies use different types of incentives to lure or win over new customers.
For example, you can find a compendium of different betting bonuses available to Nigerian players.
The bonus differs from one bookmaker to another, but they generally follow the same principle.
Leave Bonus
Leave bonuses are allowances paid to workers in Nigeria when they take time off from the rigors of work.
Usually, employees receive their full payment plus a percent of the monthly salary when they embark on annual leave. However, employees need to have spent a period of time with an organization before they are eligible for the leave bonus.
13th Month Bonus
The 13th-month bonus is a type of bonus paid to workers at the end of the year. Employers pay the full salaries of workers after the December salary. This effectively means that the workers get paid for an extra month. The 13th-month bonus is also known as the Holiday bonus in other parts of the World like the United States of America.
