Employer contributions up by 4.6pc, CEO says

Business

EMPLOYER contributions to the National Superannuation Fund (Nasfund) have increased by 4.6 per cent in the last six months,
says chief executive officer Ian Tarutia.
Responding to queries from The National, Tarutia said employers continued to dutifully remit their contributions.
He said, however, the level of defaulting employers was still high at 17 per cent and the fund was working with those that had genuine reasons without taking legal action.
“First six months, inflows have increased by 4.6 per cent compared to the same period last
year and the delta between incoming payments and withdrawals continue to be positive, which
is a good sign,” he told The National.
“While level of defaulting employers is still high, at 17 per cent of employer base, we are sensitive to genuine reasons why employers are unable to remit contributions and are working together to address outstanding payments without resorting to legal means.”
The fund does, however, expect a decline in contribution receipts in the second half of the year due to the closure of the Porgera mine and downsizing of staff from a large number of companies across various sectors.