Nambawan Super chief executive encourages workers to save for future

Business

SAVING for the future is important, says a superannuation company.
Nambawan Super Limited (NSL) currently has 178,000 members in the public and private sectors.
Chief executive officer Paul Sayer said Nasfund, another superannuation company, had 500,000 members.
“So there are 700,000 members in the country,” he said.
According to NSL’s website, the employer may increase its portion from 8.4 per cent to a maximum of 15 per cent if it wishes to do so on behalf of its employees.
The new Superannuation (General Provisions) Act 2002 provides for both employee and employer contributions to be remitted to an authorised superannuation fund on a regular basis.
Employer must remit their employer contributions within 14 days at the end of each month and employee contributions are required within 14 days of the date of deduction.
Employers have a choice of which superannuation fund to join and remit their contributions to.
Employees contribute 6 per cent of their gross salaries and the employer contributes 8.4 per cent, which is based on the employee gross salary.
Members may if they wish, make additional voluntary contributions from 6 per cent up to a maximum of 15 per cent of their fortnightly gross salary to the Fund to maximise their superannuation savings with the Fund.
The employer may also increase its portion from 8.4 per cent to a maximum of 15 per cent if it wishes to do so on behalf of its employees.
“So you think about how many people missing out on Super, one of the most important thing that we do is to go out and talk to our members,” Sayer said.