With the start of a new year, National Superannuation Fund, NASFUND, today reminded its contributing member companies to pay outstanding member superannuation contributions for 2019 – these payments to allow for contributors to receive maximum interest allocation when the fund announces its interest crediting rate in March.
Despite an understandably difficult economic situation the country is faced with, the rate of non-compliant companies or companies who owe employer contributions has slightly improved to 17.5% at November 2019.
With NASFUND investing in an online portal, to make it easier for companies to update member contributions, the fund is now calling for contributing employers to do the right thing, and pay outstanding contributions.
“The employers who have not remitted their members contribution for year 2019 financial year, will cause employees or members to miss out on receiving the maximum allocations of annual interest that is usally credited into members account in the month of March each year,” Member Maintenance & Contributions Manager Steven Gerega said.
“We would not be paying any contributions that are of any members that have any outstanding contributions until payments are outstanding contributions are being paid in full, ” Manager Member Services Jimmy Ume said.
In the event that companies have not paid employer contributions for over three months, legal action will be taken to ensure that these contributions are paid.
“If a company is in default of three months or above, we prefer them to legal and litigation process takes place,” Member Maintenance & Contributions Manager Steven Gerega said.
With the call made today for companies to pay contributions owed, NASFUND has also advised for companies who may face difficulties in making these compulsory payments, to immediately discuss with the superannuation provider on how these payments can be made, through payment plans.