NASFUND and the Papua New Guinea Investment Promotion Authority have signed an agreement to facilitate closer cooperation.
The MOU was signed today by NASFUND CEO Ian Tarutia, and IPA Managing Director, Clarence Hoot.
NASFUND is the first private sector agency to sign an MOU with the IPA , that enables the Fund to have a permanent presence at the IPA’s registration Kiosk.
Through the MOU, both organizations will share relevant employer database information, that can be used to ensure that companies who register with IPA also sign-up to superannuation, for the benefit of their employees.
The MOU also allows NASFUND to share employer data through IPA offices throughout the country.
NASFUND CEO Ian Tarutia says, this partnership is demonstration of the Fund’s endeavours to ensure all businesses are aware of the rights of workers to have superannuation as a condition of employment.
“Partnering with the Investment Promotion Authority ensures our information is available to business houses within the convenience of an IPA office. We hope that it commits employers to providing superannuation for their employees benefit in the long run,” said Tarutia.
IPA Managing Director Clarence Hoot says such partnerships are encouraged as they extend the arms of IPA in reaching both the IPA’s and stakeholder’s clientele not only in terms of regulatory and compliance purposes only but also in terms of promotion and aftercare purposes.
“Through the signing of this MOU, both organizations will make headway in ensuring that companies who register with the IPA are also registered with NASFUND to ensure that their employees’ rights and interests are looked after by contributing towards the fund for their retirement.
Just like other licensing requirements, the IPA expects companies to contribute to superannuation funds to cater for the retirement of their employees.”
(Picture: Cedric Patjole)