Members who become unemployed directly due to Covid-19 measures, such as lock downs, will be eligible to apply for a one-off payment of 20% of their own contributions up to a maximum of K10,000. This amount will be tax-free to the member.
The relief payment will be made available ONLY for members who have lost their jobs as a result of Covid-19.
Members who are still employed, will not be eligible for this relief payment.
Super’s primary purpose is to help you enjoy a comfortable retirement when you’ve finished working. However, in these unique circumstances this temporary measure will offer much needed support to those most impacted.
Accessing your super should only be a last resort. History shows it’s much better to leave it invested if you can. If you have other support and means to get by, you should use all other measures first.
A specific form for the Covid-19 relief payment is being developed. Members will need to complete the form, including having the employer verification section completed by their former employer, similar to normal benefits.
Nambawan Super is waiting for regulatory changes to be passed through Parliament or the State of Emergency Coordinator to make COVID-19 relief payments lawful. We expect this to happen quickly.
If a 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.
Read more on on Covid-19 and super.
