The National Superannuation Fund (NASFUND) says it is on track for 2017 after announcing positive growth in membership and contributions for the first quarter of 2017.
Chief Executive Officer, Ian Tarutia, announced on Wednesday that the Fund experienced a strong start to 2017 and was looking forward to maintaining positive progress in all activities and projects.
“First few months everything that we set for ourselves we are on track,” said Tarutia.
As at March 31 the fund has signed up 53 new business which has contributed a total of 13, 000 new members and now bring total membership to 544, 371. A 1.3 per cent growth from 2016’s membership total of 537, 520.
Contributions recorded at the end of March sits at K117.5 million compared to K96.3 million in the same period in 2016, a 22 % increase.
The results have been a result of a rigorous drive to bring in new members as well as improving collections rates from defaulting employers.
“NASFUND has great visibility and brand in th4e country and just by that alone we pull businesses. Their first point of contact if they’re establishing in PNG if there operating somewhere they contact NASFUND. That’s one.
“And they other one we re really aggressive this year. We have a business development and employers services that go out and look for potential businesses to register and we have all 15 branches which are fully resourced and equipped that also go out and signed up businesses in the provinces as well,” said Member Services Manager, Charlie Gilichibie.
The Fund also highlighted several initiatives and undertakings to improve its visibility to members as well as processing of members entitlements.
They include:
- The completion of four regional conferences which the Fund has received positive feedback and constructive criticism which they will look into;
- Improved communication strategy to increase awareness and education on superannuation legislation. As well as a revised Facebook page which now has 14, 000 followers and updating of the Funds Wikipedia Profile;
- Baseline Information gathering exercise through, member, employer, and market surveys to gauge perception of NSFUND;
- The Fund Administration Transition Project tracking well. Member records system and electronic workflow being in the final stages of development. Process of educating and onboarding employers on new Fund Admin systems and processes is currently being rolled out to major centres around the country.
- The restructure of workflows reducing long ques at Boroko, Port Moresby, and Lae branches.