Official: Firms not following Superannuation Act

AT least 500 companies in Port Moresby are not contributing to a superfund as a requirement of the Superannuation Act.
NasFund strategy coordinator Turaho Morea revealed this saying the fund was working to ensure companies with an employee base of two up to 150 were contributing for their employees.
“New business exercise is basically entails our new business team travelling around the country and especially in Port Moresby which was the biggest employer base,” he said.
“We have discovered over 500 companies out there, ranging from maybe two or three employees up to over a 150 employees.
“We are very excited to learn that there are businesses still existing out there that are still operating given the economic background and that climate that we have and we are working to make sure that we bring in a good number of those companies so that their employees can start contributing to superannuation.
“The value of those businesses that have come in this year, the new ones, we collected about half a million kina so far on a fortnightly basis, just on those new companies that have come in this year.
“We are very excited about that for our members.
“Our business development team are out there making sure that the business are on board and that the companies are well aware of our products and services and their ID cards are done that is in terms of employer and membership growth.
“That is one of the exercise that we have executed and it is working very well.”