Govt yet to gazette changes

Reports by DALE LUMA
THE National Superannuation Fund (Nasfund) has not processed any early Covid-19 payments since the superannuation legislation was amended in the last Parliament sitting, chief executive officer Ian Tarutia says.
Tarutia said this was because the legislation had not yet been gazetted meaning it had not been given legal effect.
He said the fund was paying out members under the normal unemployment benefit provisions and as at the end of September, paid out K324 million.
“The amendment was passed where there was changes in section 90 of the Super Act and that was a relief that was supposed to give members immediate access to their savings if they were unemployed as a direct consequence of the Covid-19,” Tarutia said.
“They would either get 20 per cent of their member’s contribution or a maximum of K10,000, that was the amendment.
“But since Parliament passed that, they have not actually gazetted that act meaning the process of amendment has not been given any legal effect yet so to this date we cannot process any Covid-19 relief.
“We are waiting, it must be signed by the Speaker of Parliament and then be gazetted.
“That’s the process.
“At this stage we are still processing applications allowed under the current provisions so you have to be unemployed by more than three months.
“It’s a partial withdrawal, we pay that on a monthly basis and the calculations is 50 per cent of your last monthly salary.
“In terms of numbers, we have seen some increase in withdrawals.”
Tarutia said this was because of some companies shedding their employees to readjust their business as a result of the pandemic.