Nasfund contribution rises by 2pc

NASFUND recorded a 2 per cent increase in contribution receipts totalling K575 million last year, compared to K564 million in 2019.
A statement said it had budgeted for K624 million on the back of a number of aggressive growth action plans and initiatives.
But they were shelved after the state of emergency declaration in last March.
Nasfund paid K469 million to members equating to more than 90,000 transactions in 2020.
This was a 22 per cent increase compared to K383 million paid out in 2019 and around 72,000 transactions.
Unemployment withdrawals constituted 87 per cent of the total paid out, followed by housing advances with 7 per cent of total payout and the balance under retirement, death, transfer and migration.
Net contributions continued to be positive which was a good sign with a surplus of K106 million available for new investments.
Chief executive officer Ian Tarutia said: “During this period of uncertainty, a lot of our employers had to take drastic action to keep afloat.
“Labour shedding and workforce rationalising were initiatives taken by employers to remain operational during the Covid-19 state of emergency imposed last year.
“Additionally, a fall in oil prices and the closure of Porgera mine impacted companies like Oil Search and Barrick Joint Venture and resulted in a large number of employees being laid off.
“While this places pressure on our member services due to the increased volume of applications and enquiries, we paid all clean applications as and when they became due.
“I also acknowledge those members opting not to withdraw all their savings, managing themselves through other means and retaining a portion for their future benefit.”