Contribution reaches K517mil

CONTRIBUTION receipts to the National Superannuation Fund (Nasfund) have averaged K45 million a month totalling K517 million for this year, says chief executive officer Ian Tarutia.
Speaking at the fund’s third annual employer awards night on Thursday, Tarutia said employer contributions had remained positive despite the negative impacts of the Covid-19 on businesses.
He said while withdrawals or section 90 payments had increased with the fund releasing K389 million to members, it was also experiencing positive net contributions of K125 million compared to 2019 inflows.
“The current economic climate has not been easy for businesses,” Tarutia said.
“Even in this challenging times, contributions on behalf of workers who are still working and employed are still strong and positive.
“We on the other hand continue to pay our members entitlements as and when they fall due.”
Tarutia said in a survey of Nasfund’s top 100 employers excluding those in the hospitality, aviation and entertainment sectors, over 50 per cent said the layoff of staff was a last resort.
“Those that have had to reduce their workforce had to exhaust all other means and the layoff was the last resort,” he said.
Tarutia said the award winners exemplified compliance and adherence to the law (section (85) and (90) of the Superannuation (General Provisions) Act (2000) and promotes savings for a better future for people.
Hides Gas Development Company, a landowner company took out the overall Nasfund chairman’s award for the most compliant in:

• Mandatory contributions;
• Best voluntary contribution;
• Account maintenance;
• Benefit payments; and,
• Best Eda Supa Contributions.