Ok Tedi Mining Limited, Hargy Oil Palms Limited, and National Agriculture Research Institute of Papua New Guinea have been recognized as overall Winners in the Nasfund Employer Awards 2021.
The awards, held in Port Moresby on Thursday January 27, 2022, brought together employers from across the country for a gala dinner event.
In addressing the occasion, Acting Governor of the Bank Of Papua New Guinea, Benny Popoitai acknowledged the important role of superannuation in the country’s Financial Industry.
“The Superannuation industry plays an integral part in the overall financial, and social sector.
In the absence of a formal social security system, our people often turn to their superannuation savings, to assist them financially, when they are unemployed, or have retired from formal employment.
And in recent years, the growing middle class has also recognized the need for superannuation savings, as an avenue to assist in owning a home, especially for first time home buyers. The industry plays a critical role, with over 800,000 members contributing just under 20% of GDP.
As the regulator of the country’s superannuation industry, we congratulate Nasfund for taking the lead in recognizing employers – the organizations that play the crucial role of contributing on behalf of employees, to ensure that employees save today, and are ready for retirement.”
Chief Executive Officer Ian Tarutia thanked all employers who had continued to comply with the Act as well as maintain timely contributions, despite the difficult economic environment, over the course of 2021.
“Much like 2020, 2021 was a very difficult year for businesses, with many having to adapt their operations to ensure that workers continued to remain employed. We acknowledged that a majority of our employers continued to not only maintain their superannuation contributions in a timely manner, but on-board new employees. This is commendable and must be recognized.
As Papua New Guinea’s leading superannuation provider, we want to acknowledge the efforts put in by employers. It reflects a good governance culture, a respect for their workers and a respect for the law protecting workers in times of unemployment or to enjoy a dignified retirement
The three Chairman Award winners have consistently performed above expectation since the inception of the Fund’s Annual Awards in 2018. Their win in 2021 is a testament to their commitment to ensuring that the superannuation requirements for their staff are adhered to.
We also congratulate all winners across all categories, and we look forward to working closely with you all again this year.”
Winners in the Annual Employer Awards 2021 were categorized into three categories;
Category A – Employers contributing more than K100,000 per month
Category B – Employers contributing between K50,000 and K100,000 per month
Category C – Employers who contribute less than K50,000 per month
The winners in the respective awards were as follows:
- Most Compliant Employer
Category A: Ramu Agri Industries
Category B: Hargy Oil Palms Limited
Category C: Seeto Kui (Holdings) Limited - Best Employer Voluntary Contributions
Category A: Ok Ted Mining Limited
Category B: Starwest Construction Limited
Category C: National Agriculture Research Institute - Best Employer Member Voluntary Contributions
Category A: BSP Financial Group
Category B: Paradise Foods Limited
Category C: National Agriculture Research Institute - Most Compliant Account Maintenance
Category A: Laga Industries
Category B: Rural Airstrip Agency of PNG Limited
Category C: National Spiritual Assembly of the Bahais of PNG Inc - Most Compliant Benefit Payments
Category A: Barrick (Niugini) Limited
Category B: Guard Dog Security Services
Category C: Associated Mills Limited - Best Eda Supa Employer
Hargy Oil Palms Limited (Smallholder Affairs) - COVID-19 Vaccine Champion
Brian Bell Group - Nasfund Chairman’s Awards
Category A: Ok Tedi Mining Limited
Category B: Hargy Oil Palms Limited
Category C: National Agriculture Research Institute
In honor of these awards, Nasfund has acknowledged the commitment and efforts of all contributing employers around PNG in 2021, and looks forward to working closely with all Nasfund contributors in 2022.
