Nigeria: KPMG Commences Remuneration Survey

29 January 2020

KPMG said it has kicked-off the second edition of its remuneration survey for the independent oil and gas industry.

The survey would help the participating exploration and production companies take informed pay decisions, by providing them with valuable market insights and information on pay levels and practices. Many) key players in the industry have signed up for the 2020 edition.

"The survey is still very much open to other oil companies that may wish to participate.

"The survey, which is conducted on a job grade basis, covers permanent Nigerian employees from graduate entry to executive management levels," a statement from KPMG explained.

The survey report would cover all elements of pay such as: fixed pay (basic salary & cash allowances), variable pay (short and long term performance based pay), benefits-in-kind (e.g. medical and status car) and retirement benefits (e.g. pension and gratuity).

The report would also present total cash compensation (fixed and variable pay) and total cost of employment (total package).

The survey exercise would run for four months, thereafter, a report would be issued (in May 2020) to participating companies.

"KPMG will subsequently communicate a date for the close-out meeting to debrief participating companies as well as obtain feedback on the exercise.

"High performing organisations leverage remuneration survey reports to take informed decisions in developing and reviewing their rewards strategy, KPMG has stated.

The professional services company, in the statement, disclosed that it conducts industry surveys for sectors such as oil and gas, banking, consumer market, pension funds management, insurance, legal services, financial technology and non-governmental organisations.

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