The National Superannuation Fund, Nasfund, is reminding employers to ensure that superannuation contributions are paid on time each month, in line with the Superannuation Regulations.
In outlining the Fund’s employer engagements for 2021, Nasfund Chief Officer Member Services Anne Wilson is encouraging employers to ensure that superannuation payments remain a priority for all employers throughout the country.
Timely updating of member contributions
Under Section 78 (1) of the Superannuation Act, “Subject to Subsection (3), an employer shall remit its employer contributions to the ASF within 14 days of the end of each calendar month.”
Nasfund is encouraging all contributing employers to remit superannuation contributions before the due date.
An entity that fails to do so is guilty of an offense and can be referred to the Bank of PNG.
Employer Online Portal
Contributing Employers to Nasfund are encouraged to utilize the Employer Online Portal, EOL, when updating their superannuation contributions as the portal provides a convenient channel for submitting, and updating employer contributions.
The portal is available 24/7, and speeds up the process of allocating funds to member accounts.
Employers can also utilize the EOL to update their member details for new staff, and exiting members.
According to the Fund’s Chief Officer Member Services, Anne Wilson, it is important that all employers partner with Fund to ensure all contributions are updated, for the benefit of all members.
“As the leading superannuation provider, we are providing the platforms for our contributing employers to access superannuation services easily. The EOL is our way of ensuring that employers take ownership of ensuring that their employee details, and contributions are updated regularly, and in line with Superannuation regulations.
As part of our engagements this year, we will be encouraging all contributing employers to register and utilize the Nasfund EOL.
We look forward to continuing working closely with all our contributing employers to ensure that our members’ contributions are updated in a timely manner.
Let’s work together so that our members are ready for retirement.”