Bank implements amendments to act

THE Bank of Papua New Guinea has started implementing the last amendments to the Savings and Loans Society Act which was passed in 2015, Governor Loi Bakani says.
Bakani, while providing an update on the review of the Savings and Loans Society Act yesterday, said it had taken a while for it to be gazetted and they were now in implemtation.
“Overtime we have encountered some changes,” he said.
Bakani said part of the implementation included the new requirement of companies employing 10 people to contribute to any super funds where the number had previously been 15 employees.
“We are enforcing the Act by setting up a unit to make sure that the companies in Papua New Guinea are complying.
“Companies that employ 10 people have to contribute to any super funds. Failing that, there’s a process that we will take them through.
“We have started the process already.
“We have got the lists from the Internal Revenue Commission and the Investment Promotion Authority and we’re going through all these companies to see how many people they employ and whether they have subsidiaries.
“We have already taken up one case to court and we are waiting the outcome of the court.”