Employers

At the end of 2007, Nambawan Super Ltd reached K2 billion mark in total assets, indicating 40% growth and a new record level for the fund.
Also, Nambawan Super received K250 million from the Government of PNG to settle part of its Unfunded Liability from proceeds available from the state's unbudgeted budget surplus.
New Kiosks locations, working along with POST PNG.

Latest News

Employer Rate of Contribution

Employees contribute 6% of their gross salaries and the employer contributes 8.4%, which is based on the employee gross salary and is paid by the employer from its own funds.

Members may if they wish, make additional voluntary contributions to the Fund to maximize their benefits on withdrawal from the Fund.

The new Superannuation (General Provisions) Act 2000 provides for both employee and employer contributions to be remitted to an Authorized Superannuation (ASF), unlike in the past where Government employee's contributions were sent to Nambawan Super while employer contributions were forwarded direct to the Department of Finance.

Employer must remit their employer contributions within 14 days of the end of each month and employee contributions are required with 14 days of date of deduction.

Now employers have a choice of which Superannuation Fund they want to join and remit their contributions to.

Employers must contribute the following percentage of the earnings of their eligible employees to an ASF:

All other employers -

7.7% from 1st January 2005 to 31st December 2007
8.4% from 1st January 2008 onwards

Public Sector Employers 8.4%



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		Employers
		Access your Nambawan Super member database here. >> Click here to login Members Online Database Contact us online by sending us an email now. >> Send Email here Email Us At the end of 2007, Nambawan Super Ltd reached K2 billion mark in total assets, indicating 40% growth and a new record level for the fund. Also, Nambawan Super received K250 million from the Government of PNG to settle part of its Unfunded Liability from proceeds available from the state's unbudgeted budget surplus. New Kiosks locations, working along with POST PNG. Latest News Employer Rate of Contribution Employees contribute 6% of their gross salaries and the employer contributes 8.4%, which is based on the employee gross salary and is paid by the employer from its own funds. Members may if they wish, make additional voluntary contributions to the Fund to maximize their benefits on withdrawal from the Fund. The new Superannuation (General Provisions) Act 2000 provides for both employee and employer contributions to be remitted to an Authorized Superannuation (ASF), unlike in the past where Government employee's contributions were sent to Nambawan Super while employer contributions were forwarded direct to the Department of Finance. Employer must remit their employer contributions within 14 days of the end of each month and employee contributions are required with 14 days of date of deduction. Now employers have a choice of which Superannuation Fund they want to join and remit their contributions to. Employers must contribute the following percentage of the earnings of their eligible employees to an ASF: All other employers - 7.7% from 1st January 2005 to 31st December 2007 8.4% from 1st January 2008 onwards Public Sector Employers 8.4%