Employer’s liability insurance and employee’s value added in Nigeria petroleum industry (2015-2023)

Abstract

This study examines the effect employer’s liability insurance on Employee Value Added in the Nigerian petroleum industry. The human, social and economic costs of occupational accidents, injuries and diseases and major industrial disasters have long been cause for concern at all levels, from the individual workplace to the national and international. The secondary data gathered for the study covered the period from 2015 to 2023. These data were collected from the consolidated financial statement of the selected companies. Cross-sectional research design was employed in this study and pooled least squares regression technique was used in data analysis. The finding revealed that there is a joint effect of employer’s liability insurance claims payment, employee benefits expenses, retirement benefit compensation obligation on Employee Value Added in the Nigerian petroleum industry. Conclusion was that employer’s liability insurance has significant effect on employee’s value added in Nigeria petroleum industry (2015-2023) Recommendations were that employer’s liability insurance scheme should be properly funded, managed and sustained for more employee value added in the Nigerian petroleum industry. There is need for petroleum companies to increase share options granted to employees to complement employer’s liability insurance for more performance. There is need to increase the number of employees in the petroleum industry to enhanced employee value added.