Revised Values Reflect Commitment to Improving Service to Members
by PNG Business News - March 02, 2023
Photo: Revised Values Reflect Commitment to Improving Service to Members: Nasfund Staff and Directors at the launch of the Fund’s revised Values.
As part of continuously improving service to members, the National Superannuation Fund, Nasfund, recently undertook a review of its values.
These values were launched by Nasfund Board Chairwoman Tamzin Wardley on Saturday February 18, 2023.
Speaking at the occasion, Chairwoman Wardley encouraged each Nasfund staff to take ownership of each value, and put them into practice at all times.
“These are exciting times for Nasfund.
Each of us have a responsibility to ensure that our conduct reflect these values which we have launched.
- Connect: We are connected with our members.
- Trust: We are open, transparent and communicative.
- Growth: We strive to maximize returns for our members.
- Responsible: We act within the standards and laws for the benefit of our members.
- Inspire: We empower our people as capable professionals.
PNG Business News - March 23, 2021
NASFUND Releases Audited 2020 Results
The National Superannuation Fund Limited (Nasfund) is delighted to release its full-year 2020 findings. The audited results for the year ended December 31, 2020, as reviewed by the Board at its meeting, included a Net Profit of K222.9 million and a Net Asset Value of K5.57 billion. Following these findings, the Nasfund Board of Directors approved a 4.5 per cent interest-crediting rate for the 2020 Financial Year, amounting to over K235 million, which has already been credited to members' accounts. On behalf of the Board, Chairman Charles Vee indicated that the findings reflected the Fund's most difficult year to date, especially in light of the weakened economy and the effects of the COVID-19 pandemic. “In response to these headwinds, I am pleased that the Fund has demonstrated once again strong resilience and exceeded its budgeted cash profit after tax of K266 million by K15 million due to tight control on operating expenses and lower tax costs,” he said. “The pandemic and other external factors beyond our control adversely impacted the economy which resulted in valuation losses of K155 million across our property and equities investments, including K38 million in additional provisions to comply with international accounting standards (IFRS 9), which was partially offset by foreign exchange gain of K97 million due to the Kina depreciating against other currencies. This resulted in an overall net valuation loss of K58 million which represents an additional 1.10 per cent crediting rate, members have missed out on. While the crediting rate of 4.5% has been achieved for our members, we remind members again of the benefit of locking away savings over a long period. The value of a member’s savings grows significantly through the effect of compound interest and additional contributions. I am pleased to inform our members that we continue to meet our investment target of achieving returns above CPI over a rolling five year period which on average is 5.7 per cent compared to CPI average of 5.4 per cent over the same time. Additionally, over the last five years, Nasfund has paid over K1.27 billion in interest to members and paid out K2.18 billion in superannuation entitlements to its members. We remind members that your long term Nasfund savings does have its benefits to ensure a comfortable retirement after active employment.” Other highlights for 2020 include: Contribution receipts increased by 2%, totalling K575 million. The membership base has grown by 3% to 604,587 contributors. The number of employers has increased by 7% to 2,576. Superannuation withdrawals increased by 22% to K469 million, compared to K384 million in the budget. The launch of a new logo. The opening of a new Member Services Center in Waigani, NCD, with plans to expand to Lae. Hagen and Goroka headquarters are being refurbished. A Memorandum of Understanding was signed with the Provincial Government of East Sepik to provide superannuation services to cocoa and vanilla farmers. The third Employer Awards Evening was a huge success. “In 2021, we are continuing our focus on enhancing our member services, including housing developments while actively seeking to grow our membership and new investment opportunities,” Vee said. “I would like to acknowledge the commitment of our CEO Ian Tarutia, the management team and staff for their hard work and support in delivering commendable results in 2020.” CEO Ian Tarutia said, “During this period of uncertainty, a lot of our employers had to take drastic action to keep afloat. Labour shedding and workforce rationalizing were initiatives taken by employers to remain operational during the COVID State of Emergency imposed last year. Additionally, fall in Oil Prices and the closure of Porgera Mine impacted companies like Oilsearch and Barrick Joint Venture and resulted in a large number of employees being laid off. As a consequence, while this placed pressure on our member services due to the increased volume of applications and enquiries, I am pleased to inform you that we paid all clean applications as and when they became due. On this note I commend our staff for their professionalism and empathy to meet member demands, during these trying times. I also acknowledge those members opting to not withdraw all their savings, managing themselves through other means and retaining a portion for their future benefit.” Tarutia also warned that, while withdrawals in 2020 were well managed, if Porgera is not opened in the near future and other major resource projects are not launched to stimulate the economy, more job losses will occur, and we may see a surge in withdrawals this year that exceeds what we paid in 2020. He added, “COVID-19 prevention and containment requires distancing from one another. This is a problem for our members as a majority do not have their own homes and live with extended family. Secondly, we are already experiencing the inadequacies of our current health system, as COVID-19 transmission rates escalate throughout the country. We already know how to grow members wealth, we have been doing this successfully since 2000 through late Sir Mekere’s superannuation reforms. Now it is timely to look at how we can assist members with quality homes they can afford. Not just release some of their retirement savings for housing, but provide a whole house, land package. The target audience will be first home buyers only. We should also be looking at investments in the health sector to look after members and their families when they are ill. A lot of our members are dying from preventable diseases. What is the point of saving for retirement when their health cannot be looked after?”
PNG Business News - June 08, 2022
NASFUND MEMBERS ENCOURAGED TO UTILIZE ALL CHANNELS
Photo: Nasfund GM MES - Anne Wilson The National Superannuation Fund, Nasfund, is encouraging its members to utilize all Fund touch points, for all their superannuation queries. These touch points are 17 branch offices around the country, an online member portal and a dedicated call center on phone 1588 that allows convenient access of their choosing. Especially during this busy election period, the Fund notes that there may be disruptions to its operations, especially in areas where there are security issues. Nasfund General Manager Member & Employer Services Services Anne Wilson is encouraging all members to access these services at their convenience-without the need to fly to Port Moresby. “In 2022, collectively our branch network has served a total of 125,000 members. The majority of these members have been served at our Boroko service centre in NCD, and our Lae Service Centre in Morobe Province. Of these 125,000 members served, just under 30% are members who are requesting for a Nasfund balance statement. 19% are members who are after general enquiries, and 15% are members following-up on their withdrawal applications. Much of the information requested by members can be sourced via our electronic channels. Our electronic channels have been established to make it easier for members to access our services without the need to spend time and money travelling to visit a Nasfund branch office. To assist members access our services without physically visiting a Nasfund branch, the following channels should be utilised; The Fund’s Call Centre on Phone 1588, email email@example.com The Member Online Portal (MOL) on the Fund’s website www.nasfund.com.pg , The Fund’s electronic withdrawal application service firstname.lastname@example.org , and The Fund’s social media pages; o Facebook: www.facebook.cp,/nasfundPNG / LinkedIn: www.linkedin.com/company/nasfund / Twitter: @nasfund_png / Instagram: @nasfund_png As the country’s largest superannuation provider by membership size, we are providing the platforms for our contributing employers to access superannuation services easily. Our Call Centre and helpdesk operates 8am to 4pm Monday to Friday, and from 9am to 12midday Saturday to attend to member queries. The MOL is our way of ensuring that members take ownership of ensuring that their personal details, and beneficiary listings, are updated regularly. Members can also view their housing advance eligibility, and keep track of their contributions via the MOL Our e-withdrawal option, introduced in 2020, allows members to send their withdrawal application via email, without having to physically lodge their application at a Nasfund branch. Our social media channels (Facebook, LinkedIn, Twitter, and Instagram) also provide an added avenue for members to interact with our staff on a daily basis. Members can interact with our staff via their social media accounts. We are committed to these options, so that our members can access our services from the safety and comfort from wherever they are. We are here to assist you while you work, so that you are ready for retirement.”
PNG Business News - August 08, 2022
CEO Tarutia to Retire in 2023
Photo credit: Nasfund - Ian Tarutia As the long-serving CEO of the fund, Ian Tarutia, CEO of Nasfund, will step down on March 31, 2023. Mr Tarutia has informed the board of his desire to retire at the end of March 2023, according to chairman Charles Vee's announcement. He said that the board appreciates his choice and has begun the search for a suitable replacement. “Ian has served the fund, Nasfund its predecessor NPF and the fund members over the last 35 years with distinction and his departure will be a big loss for the organisation. “He has led the fund as CEO since November 2011 and presided over a period of sustained profitability, membership growth, balance sheet growth and improved member servicing over his watch. He has built a strong leadership team and pleasingly most are all competent Papua New Guineans. The board is comforted that the business of the fund and service to members will continue while a new CEO is recruited and appointed,” Mr Vee said. In the first quarter of 2023, he will say his final goodbyes formally. Mr Tarutia declared that he is confident in his choice to leave the fund at the beginning of 2023. “I have served Nasfund and its predecessor National Provident Fund (NPF) for almost 35 years. Out of this, I have served 15 years at the CEO level. “As my first employer straight from university, the fund has been a significant part of my adult and professional life. “I have seen the fund from its lowest time as an organisation on the brink of extinction to its peak of distinction as a leading superannuation and financial institution in Papua New Guinea and the Pacific today,” Mr Tarutia said. He said that via better governance, an emphasis on customer service, innovative products, higher retirement savings, and return on investments, members had greatly benefited from the fund's revival. “More importantly, the fund today is staffed by well-qualified, competent and dedicated Papua New Guineans who are as passionate as I am in serving members to the best of our ability. I am privileged and honoured to have played a role in the consolidation, rebuild and transformation phase of the fund to where it is today. “But the time has come to pass the baton to someone else to take the reins,” he said. “I am keen to pursue other personal interests and endeavours and look forward to the next phase of life. “The board has commenced a recruitment process to find my replacement, I will assist with the transition to ensure stability and continuity.” Mr. Tarutia stated that in the interim, he is still committed to seeing that the fund achieves its goals for the year and continues to produce gains for its members. Reference: Post-Courier (2 August 2022). “Tarutia To Retre In 2023”.
Paul Oeka - March 27, 2023
Papua LNG project to Minimise Economic Challenges
Photo: Petroleum Minister Kerenga Kua Petroleum Minister Kerenga Kua has recently stated that the Papua LNG project is critical in addressing some of the economic challenges that are currently faced in the country. He said about K75 billion will be generated over a 15 year period when the project is in progress. He added that the initial stages of the project has commenced with K500 million said to be inputted into PNGs foreign exchange capacity in 2023. During a press conference on Thursday the 9th of March, The Petroleum minister highlighted the progressive stages of the Papua LNG project and emphasized the importance and significance of the benefits that the project will provide. According to studies the project life is expected to operate over a 15 year period that will generate about K75 billion and significantly boost Papua New Guinea's struggling economy. "The K75 billion benefit is inclusive of what comes to the state directly as levies, to Kumul Petroleum, to the landowners as royalties and the provincial governments. All of us put together are going to be collecting and sharing that benefit in the next 15 to 20 years", Kua said. Minister Kua said that studies for the Papua LNG project began in 2004 following the discovery by Interoil, the resource estimate is in the range of 6 trillion cubic feet of gas and 98 to 100 million barrels of condensive oil. The benefit of this project is immense and a positive component is the national content which is expected to positively impact GDP, export earnings, forex, revenue to impacted levels of government, landowner benefits and Job opportunities. Minister Kua said the project developer Total Energies will inject K500 million into the PNG economy in 2023. "The Papua LNG project is a project of national significance for Papua New Guinea and will stimulate business confidence and will provide a significant impetus for our economy", "The Marape-Rosso government places high priority on the delivery of the Papua LNG project, we have an improved deal for our people, and improved contribution for our national contractors and workforce. The government strongly supports the Papua LNG project and encourages all stakeholders including project partners to work diligently to deliver the project on time and on budget", Minister Kua said. Petroleum Secretary David Manau was also present at the conference, he highlighted that the petroleum department will work closely with impacted provincial governments and landowners as this is important in ensuring that all stakeholder grievances are discussed and addressed. In light of this, a development forum is expected in the third quarter of this year. Meanwhile, Kua also revealed a unique aspect of the upcoming project which will mitigate the project's carbon footprint and is set to make PNG in becoming the first country in the Asia Pacific region and only the second on the world to re-inject carbon dioxide back into the well pad in a LNG project. He said the re-inspection of carbon dioxide into the well pad is a significant step towards reducing the project's carbon footprint and will help mitigate the environmental impact of the project and contribute to Papua New Guinea's efforts to combat climate change. The Papua LNG project is a joint venture between the PNG government, TotalEnergies and Exxon Mobil. It is one of the largest investments in the country's history and is expected to generate significant revenue for PNG's economy. Total Energies holds 40.1 percent interest in Papua LNG, along with its joint venture partners Exxon Mobil (37.1 percent) and Santos(22.8 percent). The Papua New Guinea government may exercise a back-in right of up to 22.5 percent interest at the Final Investment Decision (FDI) planned by end of 2023 to early 2024 and production will be scheduled for four years later.
PNG Business News - March 27, 2023
WanPNG: The Skills Development and Jobs Platform for the People of Papua New Guinea
Wan PNG is a platform and community dedicated to expanding opportunities for local Papua New Guineans. Its goal is to increase the development and sustainable employment of local PNG talent, so everyone in our great nation can share in newfound resources and growing prosperity. With the goal of empowering individuals and businesses with the skills and people they need to succeed in the 21st century world, the Wan PNG platform spans three core areas for job seekers: Employment opportunities: Gain experience with internships, start earning with entry positions, or upgrade your career with the next big job. Career advice: Advance your career with expert advice and professional resources, and stay up-to-date on the latest news. Education and training: Expand your employment prospects by upgrading your knowledge, skills, and competencies through courses. For employers it provides: Free access to upload jobs and find the best talent. Smart matching between jobs and candidates. Diversity promoting candidate suggestions reaching a wide pool of talent. The platform's primary objective is to promote lifelong learning and employment and simultaneously bridge the skills gap in Papua New Guinea by providing accessible training opportunities to all its citizens. WanPNG believes that by investing in the development of its people, Papua New Guinea can unlock its full potential and become a more prosperous nation. WanPNG is now available for job seekers and employers. Visit the website now at www.wanpng.com to learn more.
PNG Business News - March 27, 2023
St John Ambulance First Aid Training for Workplace
The St John ambulance service responded to over 21,000 emergencies across Papua New Guinea in 2022. In addition to being Papua New Guinea’s main emergency ambulance service, St John is the nation’s leading first aid training provider equipping thousands of workers with essential first aid skills and knowledge. With just one day of training, St John’s expert first aid trainers can equip your workers with the basic skills to handle all kinds of first aid emergencies. Workplace accidents and injuries are a common occurrence and it is essential for employers to have a competent workforce that can respond effectively to emergencies. St John’s workplace first aid courses ensure your workforce is equipped with the first aid training to assist a sick or injured person. It also helps organizations comply with legal requirements, reduce workplace injuries and fatalities and promote a culture of safety and preparedness. The Papua New Guinea St John Ambulance provides training routinely in Port Moresby and Lae, and can facilitate training at any location in PNG, which makes it easy for workers to gain or maintain their first aid qualifications. St John’s first aid trainers come from a variety of backgrounds, enabling them to contribute real-life experiences to the training environment. Each course, based on St John Ambulance Australia’s training resources, goesthrough rigorous appraisal by training and health specialists including St John’s Papua New Guinea’s medical expert advisory panel - made up of some of the industry’s leading physicians and health professionals, who ultimately endorse the clinical training content components of the first aid courses. St John CEO Matt Cannon said, “this rigorous appraisal process gives clients the confidence of St John’s commitment to delivering the highest quality in training content and delivery in Papua New Guinea.” Workplace first aid courses cover a broad range of topics, including basic life support, wound care, bandaging, splinting, CPR and using an AED. Participants learn how to identify and manage different medical emergencies such as heart attacks, strokes, burns, fractures, and poisoning. Each training program is designed to be flexible and can be delivered on-site or at one of our training centres. If you want to ensure that your workplace is prepared to respond to emergencies, contact St John today to learn more about our workplace first aid training.