Grow savings, says Polye

National, Normal

The National, Thursday July 25th, 2013

 THE government, through a Bill, has taken a step “outside the box” in the area of superannuation contribution by employees.

The Superannuation Amendment Bill 2010 tabled in parliament last week will allow for wider membership, especially when it comes to  self-employed people who are not subjected to the mandatory superannuation contributions.

It will promote voluntary savings for retirement.

For example, betel nut vendors and street vendors can voluntarily contribute to any authorised superannuation fund.

“The Bill will not only allow non-citizens to voluntarily contribute to an authorised superannuation fund in PNG but will also allow for multiple fund transfers, including off-shore managers for authorised superannuation funds due to the substantial growth of superannuation assets and for better diversification of investment portfolios, especially in relation to overseas investments,” Treasurer Don Polye said.

Polye commended the Bill, saying it would make other minor technical amendments to the existing legislation.

He urged Papua New Guineans to develop a culture of savings.