More without jobs: Fund

By DALE LUMA
NAMBAWAN Super has noticed an increase in the number of people applying for unemployment benefits in the past two months.
A statement from the company in response to queries from The National said it had recorded a 25 per cent increase in the number of applications during May and June – “the highest historically in any month so far since 2017”.
“Nambawan Super has seen a rise in unemployment benefit claims in May and June, which could be related to Covid-19 business impacts or more generally to the poor economic conditions locally,” the statement said.
“The fund has noted an increase in unemployment benefits paid since 2017 which could be attributed to the economic conditions impacting the fund’s growing private sector membership base.
“The fund recorded the highest historical monthly claims of unemployment benefits in May and June, with a 25 per cent increase compared to the preceding two months.”
It is also working directly with employers to ensure members entitled to the Covid-19 withdrawals can have their applications quickly processed.
“Current legislation allows members to access their super after being unemployed for three months.
“Nambawan Super urges members to only access their savings as a last resort as history has shown members are best leaving their funds to continue to grow in the fund to achieve their best retirement outcome.”
The fund had previously called on members who had lost their jobs due to Covid-19 to apply for normal unemployment benefits instead of waiting for the Government to make amendments to the Superannuation (General Provisions) Act 2013 to apply for payments.
It is understood that the Government will amend the Superannuation legislation when Parliament sits in August.