Twelve-month delay in expatriates’ superannuation plan

By HARLYNE JOKU
THE Governor of the Bank of PNG Wilson Kamit last Thursday announced a 12-month delay in the introduction of compulsory superannuation for resident expatriate employees, David Caradus of PriceWaterhouseCoopers confirmed yesterday.
Mr Caradus said many businesses in PNG would welcome the further deferral as it would defer potential increase in the cost of employment with respect to resident expatriate employees.
However, he said it was disappointing that the announcement of the deferral was less than two months before the propose starting date.
“Many businesses which are intending to comply with the law would already have made decisions and plans to implement the obligation imposed upon them by the superannuation law as well as incurred costs in determining the application of the law to their employees,” Mr Caradus said.
He said he hoped the Bank of PNG would undertake the consultation process as quickly as possible to ensure an announcement could be made on the future of compulsory superannuation for expatriate employees before the end of the year.
 

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