House passes superannuation amendment law

PARLIAMENT yesterday passed the Superannuation General Provisions (Amendment) Bill 2020 which will enable the approval of K600 million by superfunds for members affected by the Covid-19 pandemic.
Treasurer Ian Ling-Stuckey told Parliament that it was part of the Government’s K5.7 billion stimulus package to address some of the economic and social challenges associated with the Covid-19 pandemic.
“This bill is to provide assistance to those members of the authorised superannuation funds whose employment were terminated by their employers as a direct or indirect result of the coronavirus pandemic,” he said.
“The bill allows these workers to access voluntarily part of their contributions early to sustain their livelihoods in the challenging environment they have now found themselves in.”
He also blamed the 85 percent slump in the economy to the Covid-19 pandemic.
Ling-Stuckey tabled the Supplementary Appropriation Bill (2020), PNG Fiscal Responsibility (Amendment) Bill 2020, Central Banking (Amendment) Bill 2020 and Superannuation General Provisions (Amendment) Bill 2020 which were all passed yesterday.
He said the Supplementary Appropriation Bill reflected the prevailing economic conditions brought about by the Covid-19 pandemic which necessitated a revision of figures to the 2020 national budget passed last November.
“The impact is only about 60 percent of that experienced by the global community. We have taken a balanced responsible approach to dealing with Covid-19,” he said.
Ling-Stuckey said responsible expenditure cuts limited the growth in deficit and debt to under K2 billion.
“We must look forward with a new vision for our country. The reality is that the prospects for any quick LNG investments fixes are non-existent.
“Even LNG projects that was in the front with a global development queue with fiscal regimes are now being deferred.”