Fund working to help members hit by Covid-19

NAMBAWAN Super members who have lost their jobs as a result of Covid-19, will be eligible to apply for a one off 20 per cent payment from their own contributions.
In a newspaper public notice, the fund said it was now working with the Government and regulators to facilitate financial assistance for those affected members.
It said the maximum payment would be up to K10,000 and would be tax free.
“Members who become unemployed directly due to the Covid-19 measures, such as lockdowns, will be eligible to apply for a one-off payment of 20 per cent of their own contributions up to a maximum of K10,000,” the fund said.
“This would be tax-free to members.
“The relief payment will be made available only for members who have lost their jobs as a result of Covid-19 and members who are still employed will not be eligible.
“A specific form for the Covid-19 relief payment is being developed and members will need to complete the form, including the employer verification section completed by their former employer, similar to normal benefits.
“If a member remains unemployed after three months, they will be eligible to receive a monthly unemployment payment equivalent to 50 per cent of their last monthly salary which is provided for under the Superannuation General Provisions Act.”
The fund said it was waiting for regulatory changes to be passed through Parliament or the state of emergency controller to make the Covid-19 relief payment lawful.
“Nambawan Super has already commenced work including preparing new forms and making changes to the operational side of the benefit payment once changes in the Superannuation Act are complete.”