Failure to pay superannuation is a crime, nasfund says

Business

AN entity that fails to ensure superannuation contributions are paid on time each month, is guilty of an offence and can be referred to the Bank of PNG, according to National Superannuation Fund (nasfund).
Under Section 78 (1) of the Superannuation Act, “subject to Subsection (3), an employer shall remit its employer contributions to the ASF (authorised superannuation fund) within 14 days of the end of each calendar month”.
In outlining the fund’s employer engagements for this year, nasfund’s chief officer for member services Anne Wilson encouraged employers to ensure that superannuation payments remained a priority for all employers.
Contributing employers to nasfund were encouraged to utilise the employer online portal (EOL) when updating their superannuation contributions.
Wilson said it was important that all employers partner with the fund to ensure all contributions were updated.
“As the leading superannuation provider, we are providing the platforms for our contributing employers to access superannuation services easily,” she said.
“The EOL is our way of ensuring that employers take ownership of ensuring that their employee details, and contributions are updated regularly, and in line with superannuation regulations.”