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Nambawan Super: Apply now for unemployment benefits

By DALE LUMA
MEMBERS of Nambawan Super who lost their jobs three months ago due to the Covid-19 may now apply for unemployment benefits, it has been confirmed.
Responding to queries from The National, the fund said yesterday the affected members should not wait for Parliament to approve the amendment to the Superannuation (General Provisions) Act 2013 to seek financial relief from the superfund.
Prime Minister James Marape recently told The National that the amendment to the legislation would be completed then tabled in Parliament during the August sitting.
The statement from Nambawan Super yesterday said members eligible for unemployment benefits could apply now.
All applications will be thoroughly screened to ensure that the applicant:

  • is still unemployed;
  • was terminated because of the impact of the Covid-19; and,
  • had not been stood down.

“We urge them to apply for the unemployment benefit instead of waiting for the legislation to be amended because the fund is unsure when that will occur,” the statement said.
“Even though legislation changes haven’t occurred yet, most Nambawan Super members affected by the initial slow down and terminated from employment will by now be eligible to access some of their funds as an unemployment benefit.” It said while waiting for these regulatory changes to be approved by Parliament, the fund had prepared new forms and made changes to our system to cater for the Covid-19 withdrawal based on the expected legislation.
Chief executive officer Paul Sayer earlier said the fund expected to pay out more than K546 million this year.
“We anticipate higher outgoing payments than the K546 million paid in 2019,” he said.
“This is related to both the Covid-19 and public sector reforms.”

6 comments

  • Is this a regulatory compliance breach Chief executive officer Paul Sayer of Nambawan Super. Can BPNG allow the fund to pay out unemployment benefit to the tune of K546 million when a law is yet to be enacted? It would be prudent for the Fund CEO to ask the Government to subside them to pay out from COV19-19 funds borrowed from the IMF not from their lifetime savings….

    • I think they are just being proactive here. The amendment to the Act will definitely happen so Nambawan Super wants members to apply in advance and these applications will be held in pending until after the Act being amended accordingly by the parliament. Mind you these applications will not be processed without the Act being approved.

  • Amend the legislation than make payment to members. wihtout the amendment this is illegal. there are process inplace do not breach the laws.

  • Legislation regulating this benefit must be enacted first. Also, to me, this is abuse of fund members’ lifetime savings. Why not PNG Government utilise reminder balance of the budgeted COVID-19 to salvage unemployed members through the Fund?

  • Use CoVid-19 funds, do not entice withdrawals form our life savings. Thats seen as being irresponsible by the Fund that’s supposed to be protecting its members. MD

  • Why does it take so long to approve this amended Superannuation Act in Parliament? Is it because it’s not ready, they’re still working on it, it’s complicated?

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