Over 4, 000 viewers were part of the National Superannuation Fund or NASFUND Online Employer Conference last week.
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| Nambawan Superfund |
The conference was aimed at updating members on the fund's activities in 2020, its response to COVID- 19, and the final audited results.
NASFUND Chief Executive Officer Ian Tarutia told members that superannuation savings are an investment for the long term.
Tarutia said the Fund's profitability and consequent crediting of 4.5 percent to members is a reflection of the depressed state of the economy which was compounded by COVID-19 impacts.
Chief Financial Officer Rajeey Sharma in his presentation said cash income was above budget however, profitability was affected by valuation losses across property and equity investments, which was the reason the fund declared a lower profit of K223 million.
Other highlights were increased payments of superannuation withdrawals of K469 million to members, new logo rebrand, a new client service center in Waigani, and signing of strategic partnerships with Investment Promotion Authority and East Sepik Provincial Government to boost membership growth.
NBC News / PNGehow