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Papua New Guinea’s two superfunds are expected to pay out around K806 million (US$233 million) to their members affected by the Covid-19 lockdown, as soon as the legislation is approved by Parliament in its sitting starting Tuesday.
It is estimated that around 50,000 members of both superfunds were laid off when the state of emergency was declared on 24 March.
They will be allowed to withdraw part of their retirement savings once an amendment to the Superannuation (Special Provision) Act is approved by Parliament.
The National Superannuation Fund (Nasfund) last month forecast a payout of around K260 million (US$75 million).
“We have basically modelled around K260 million but just based on what will be the impact,” chief executive officer Ian Tarutia said.
“Until that (impact) actually happens and applications come through, we can only make assumptions.
“These are numbers that were reflected in the Government’s announcement when it initially talked about the economic stimulus package and the involvement of superannuation funds. The figure was around K500 million (US$144 million) (comprising) Nasfund, Nambawan Super and the other two funds.”
Tarutia said the fund had set aside K300 million in anticipation of an influx of withdrawal applications.
He said proper vetting of applications was important so that only those who had actually lost their jobs would be assisted.
Nambawan Super earlier said it expected to pay out more than K546 million (US$157 million) this year due to the Covid-19 and public sector reforms.
Chief executive officer Paul Sayer had told The National that “we anticipate higher outgoing payments than the K546 million paid in 2019.
However this is related to both Covid-19 and public sector reforms.
“Nambawan Super has been preparing for the expected increase in exits from the fund in 2020.” he said.
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