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May 27, 2022
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Nambawan super receives k100 million from state for unfunded super exits

By Meriba Tulo – EMTV News, Port Moresby

2019 has begun on a positive note for Nambawan Super, with the superannuation company announcing a payment by the State, for a significant proportion of the State’ unfunded component for government employees who have exited formal employment.

Nambawan Super Chairman, Anthony Smare, announced the receipt of K100 million, which will go towards paying public servants who exited employment between June 2017 and April 2018.

In announcing the payment by the State to Nambawan Super, Chairman, Anthony Smare thanked the State for honouring its commitment to funding the unfunded component of superannuation contributions – an effort that has taken many months of dialogue with State agencies.

The payment of K100 million was received as a result of allocations in the 2018 Supplementary Budget, and will go towards paying public servants who exited employment between June 2017 and April 2018.

According to Mr Smare, this marks significant progress by the State in honouring its superannuation obligations.

Something both parties have been working together to resolve.

After this payment, the balance owed by the State has been reduced to K70 million, which Nambawan Super is confidentcan be settled this year.

Whils the State’s component has been paid, and credited to member accounts today, the fund is encouraging members to speak with the Fund on how to save for retirement, and to utilise products such as the Retirement Savings Accounts, that will enable them to have savings for a longer period after they’ve left formal employment.

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