COMPLIANCE by employers in superannuation is important for members, according to the National Superannuation Fund (Nasfund).
Chief executive officer Rajeev Sharma said Nasfund welcomed the recent public notice issued by the Bank of Papua New Guinea (BPNG) on employer and employee superannuation contributions.
The notice reinforces the provisions of the Superannuation (General Provisions) Act 2000 and the Superannuation (Amendment) Regulation 2004, which continue to guide compliance in PNG.
Under the Act:
- EMPLOYERS with 15 or more employees are required to contribute to an Authorised Superannuation Fund (ASF) on behalf of their employees;
- EMPLOYEES contribute six per cent of their base salary, while employers contribute 8.4 per cent on behalf of each employee;
- CONTRIBUTIONS must be remitted within 14 days of the end of each calendar month; and,
- EMPLOYERS with fewer than 15 employees, and their employees, may participate on a voluntary basis.
Sharma said the notice was an important reminder to employers.
“Superannuation is a critical safeguard for our members’ futures,” he said.
“Compliance is not optional; it is a legal and moral obligation.
“We encourage all employers to ensure contributions are made accurately and on time to protect their employees’ savings.”
The fund also encouraged members to contact the fund directly if they become aware of unpaid or late employer contributions.
The fund established internal processes to escalate non-compliance matters with employers and, where necessary, engage with the regulator to ensure members’ interests are protected.
Sharma said Nasfund remains committed to supporting employers and members through:
- EMPLOYER and member digital platforms;
- SUPERANNUATION education programmes; and,
- ONGOING engagement and compliance support.
