Papua New Guinea does not have a mandated retirement programs like that in America or Australia – Social Security system in America and Doll system in Australia. Therefore, Superannuation Funds such as Nambawan Super Limited (NSL) plays an important role in taking care of the golden years of life (retirement). Thus, to ensure that individual members reach their gold years with financial security and dignity.
The aim of this module is to equip and empower relevant and accurate information on the operations, products and services available to the members of NSL. As a result, individuals can make informed decisions regarding employee and employer contributions, voluntary contributions, retirement savings accounts, and access to other services such as NSL discount programs.
By the end of this module, a participant will be able to:
- Define Superannuation
- Explain the importance of superannuation in retirement planning
- Know how the superannuation system works
- Differentiate the types of superannuation contributions and benefits
- Build retirement income through superannuation savings and investments
- Calculate and forecast the future value of an individual’s superannuation contribution Explain the IRC Tax applications to superannuation contributions and withdrawals