Nasfund records K575mil contribution

NATIONAL Superannuation Fund (Nasfund) says despite the country’s weakened economy and impact brought on by the Covid-19 pandemic nasfund has recorded a 2 per cent increase in contribution receipts totalling K575 million compared to K564 million received in 2019.
The fund budgeted K624 million on the back of a number of aggressive growth action plans and initiatives, however, these were shelved after a state of emergency (SOE) and Government interventions, to stop the spread of the Covid-19, were imposed in mid-March 2020.
Nasfund paid K469 million to members equating to over 90,000 transactions last year.
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 total paid out, followed by housing advances with seven 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, our employers had take drastic action to keep afloat.
“Labour shedding and workforce rationalising were initiatives taken by employers to remain operational during the Covid-19 SOE imposed last year.”