07/04/2020
PNG FUNDS ANNOUNCE ASSISTANCE TO WORKERS AFFECTED BY COVID-19
The Authorized Superannuation Funds of Papua New Guinea, ASF, has announced that members whose employment is terminated by their employer as a direct result of COVID-19 will be entitled to a one off payment of 20% of the members own contribution up to a maximum of K10,000.
This amount would be tax free to the member.
This will become effective as soon as the appropriate legislative amendment to the Superannuation General Provisions Act is approved by Parliament. This is work in progress.
The ASF including NASFUND, Nambawan Super, Comrade Trustee Services and Aon Master Trust, in consultation with Bank of PNG support the Government’s announcement to enable financial assistance for affected members who lose their employment directly due to COVID-19
The funds say if the member remains unemployed after 3 months, they will be eligible to receive a monthly unemployment payment equivalent to 50% of their last monthly salary which is already provided for under the Superannuation General Provisions Act.
The ASFs anticipate that job losses as a result of COVID-19 will result in benefit payments of more than K500 million over the course of 2020, in addition to what is already paid in normal unemployment and housing advance benefits.
This also include members who may opt for retirement as employers address the COVID-19 impacts.
The funds say it is expected that whilst some members will look to utilize these benefits in their Retirement Savings Account, some members will choose to invest in their families, whilst some may start up SMEs, all of which will help stimulate economic activity as well as increase the level of taxation received by the State.
http://kalangfm.com/news/png-funds-announce-assistance-to-workers-affected-by-covid-19-478
The Authorized Superannuation Funds of Papua New Guinea, ASF, has announced that members whose employment is terminated by their employer as a direct result of COVID-19 will be entitled to a one off...