By Anton Huafolo
MOST of Nasfund’s quarter million members were thrilled yesterday at the news their retirement benefit accounts had been credited with a 37% dividend, increasing the value of their total savings by more than a third in a single year.
“I think I can consider retiring at the end of this year,” one mid-career female banking officer commented on hearing the news.
More than 2,000 members phoned their four Nasfund client service officers at the head office in Port Moresby and at 10 other Nasfund offices around the country to check how much their individual accounts had grown after the dividend payment.
The world class Nasfund performance, which comes at a time that stock markets in Australia and around the world have fallen amidst greatly increased volatility, follows a 10% return that was credited to members in 2006, 29% in 2005 and 14.5% in 2004.
Many individuals who have been Nasfund members for around 10 years could possibly have saved around K50,000 in their account.
A 37% dividend would have increased this personal retirement savings to a grand figure of K68,500.
“We anticipate the numbers of people calling to skyrocket by Friday,” a Nasfund employee said.
In order to cope with the increasing number of calls all Nasfund lines from the office of the joint managing directors will be open to take calls.
Meanwhile, in a statement, deputy leader of Opposition and Member for Lae Bart Philemon has praised the board, management and staff of Nasfund for meritious service to private sectors workers and the nation.
“What an accomplishment. Congratulations to all private sector workers who now have 37 toea for every one kina they have with the fund,” Mr Philemon added.
“This is the harvest of the financial reforms, particularly the superannuation reforms that were initiated by Moresby-Northwest MP Sir Mekere Morauta when he was prime minister between 1999 and 2002,” he said.
“Policies and legislative changes remain just thoughts and laws until those tasked to implement: set direction, targets and knuckle down to do the day-to-day work.”
Amalgamated Workers Union general-secretary Andy Kandakasi said of the increase:
“This is excellent and a sign of non-interference by the Government in business entities’ operations.4
“The Government should critically look into what had become of Nasfund’s investments from last year,” he said.
“Businesses should be given to the private sector,” he added.
Albert Tawia, a security firm branch manager in Mt Hagen commended the Nasfund management for an excellent performance, which he said, was bringing more hope and confidence to the members.
Mr Tawia said the organisation should be kept well clear of politicians because the “wounds of the millions of kina squandered by the former NPF board and management was still fresh and painful to members”.
He said he was surprised that the main culprits in the loss of millions of kina through fraud have not been punished.
Paias Alopea, a Mt Hagen businessman said credit should also go to the National Government for creating a stable economic and political environment for the organisation to prosper.
The Brian Bell company staff in Mt Hagen were ‘over the moon with the news of the windfall into their savings’ and rushed to check for their balances.
Betty Konga, the manager’s secretary said it was the very first time for Nasfund to pay such a handsome dividend and employees were very excited.
Bobby Goimba, Mitre Hardware branch manager in Mt Hagen also congratulated Mr Mitchell and his team for a job well done, while John Sukua from Niugini Building Supplies in Mt Hagen encouraged more employees to join Nasfund.
Grace Elipa from Steamships Mt Hagen said the performance was a huge turn-around from the past.