Unions back call to repay K125m

National, Normal

The National, Friday, 27th May 2011

THE industrial union bodies in Mamose, Highlands and New Guinea Island are in full support of the call by the transport sector union for the government to repay K125 million of contributors funds back to Nasfund.
The fund jointly serves private sector employees under an act of parliament, and it was rightfully theirs and not for politicians who could withdraw whenever they wanted,  private industrial consultant Tom Waven Vevo said.
Union members from seven registered and three interim trade unions from these regions said the fund was not a “savings fund” but a “reserve”, enabled by law for private sector employees to look forward to upon retirement.
Vevo said to avoid misuse of employees’ funds, PNG Trade Union Congress and Employers Federation of PNG should be responsible for the transaction processes as legal principal directors of the Nasfund rather than politicians and public servants.
The K125 million belongs to the employees and employers that have 80% right in decision-making on any form of investments, loans and expending of the fund under the supervision of the Bank of PNG, he said.
A series of meetings regarding the monies were currently underway in the region hence the further meetings were held when the government did not repay the K125 million with required 7.5% after July 31.
The members said the government, especially those involved, had already committed an offence and was against the trust and dignity of the hard working citizens.

“If the recent BSP bank robbery master minder William Nanua Kapris is jailed for 30 years for stealing K2.4 million compared to K125 million, people involved must bear two times more than Kapris” they said.  

More company employees from the region have now plan to throw their support behind PNG Labour party whom they believe can work together with PNGTUC to address such issues.

Such misuse in Nasfund had forced the Lae city contributors to organize three general meetings suggesting 10 resolutions that will be submitted to the PNGTUC general secretary John Paska and Public Employees Association Michael Malabag.