Who is the Employer?
An employer is an entity that hires a person by means of a formal agreement to provide labour or service for pay. This includes any company, government department or statutory authority. It is compulsory for employers employing 15 or more employees to contribute to any Authorised Superannuation Fund (ASF) in the country.
Role of the Employer
The PNG Government sees superannuation in PNG as an important means of saving by the work force for their financial wealth in retirement. Therefore, for the benefit of its people, the Government has made superannuation compulsory through the legislation. Sections 76 & 77 of the Superannuation (General) Provisions Act 2002 requires every employer to contribute for and on behalf of its employees at the rate prescribed by the regulation.