ABG creates savings accounts for staff

The National, Tuesday July 19th, 2016

MEMBERS of the Autonomous Bougainville Government (ABG) and their parliamentary staff will now have their retirement savings accounts activated with a K1 million deposit with the National Superannuation Fund (Nasfund) last week.
Nasfund chief executive officer Ian Tarutia said the fund commended the ABG for recognising that there was life after active employment and taking the initiative to create a retirement nest egg for its members and staff.
Tarutia said the ABG was the first regional government outside of the National Government to provide retirement savings for its members through an approved superannuation fund like Nasfund.
He said with the tough economic environment that was impacting the fund’s returns, the superannuation savings was about long term.
Tarutia said the value of savings would be realised if it was allowed to grow through the effects of compound interests.
ABG government clerk Robert Tapi said this was a bold move to ensure that ABG members and staff invested in their retirement savings.
ABG finance minister Albert Punghau commended decision the Momis government for ensuring that retirement benefits for staff were approved.
“Although it took three years due to financial constraints, this occasion shows the commitment by the ABG Government in ensuring contributions are made over time for the best interest of its staff,” Punghau said.