Securing a comfortable retirement should be achievable for every hardworking Papua New Guinean. Whether employed in the public or private sector, working for a small business, self-employed or earning an income in the informal economy, everyone should have access to superannuation.
Speaking on behalf of Nasfund CEO Rajeev Sharma at the recent Papua New Guinea Trade Union Congress (PNGTUC) and International Labour Organization (ILO) partnership workshop, Nasfund Head of Marketing and Stakeholder Engagement Melanie Lavaki highlighted the importance of extending retirement coverage to all workers.
The three-day workshop, Training for Trainers on Organising Methods, Strategies and Practices, focused on strengthening awareness of national policies, legislation and social protection measures for informal workers while exploring ways trade unions can better organise and support the sector.
During Session XII, The Present and Future of Social Protection in PNG, Lavaki addressed the misconception that superannuation is only for employees of large formal organisations. While contributions are mandatory for larger employers, businesses with fewer than 15 employees and individuals can also save for retirement through voluntary contributions.
She highlighted Eda Supa, Nasfund's voluntary superannuation product, which is available to workers in both the formal and informal sectors, including self-employed individuals and non-citizens.
"Our aspiration at Nasfund is to see legislative reforms make superannuation access a mandatory right for every worker in PNG," Lavaki said.
She encouraged union representatives to promote superannuation as a source of replacement income in retirement, urging workers to focus not only on when they retire but also on achieving meaningful long-term financial goals.
Lavaki also shared recommendations recently put forward by the Association of Superannuation Funds of Papua New Guinea (ASFPNG), led by Nasfund CEO and ASFPNG President Rajeev Sharma. The recommendations included:
- Universal superannuation coverage, including for workers in the informal economy.
- Stronger protection of workers' contributions and greater employer accountability.
- Improved superannuation literacy and preservation of retirement savings.
By advocating broader superannuation coverage and stronger retirement protections, Nasfund continues to support a future in which every worker in Papua New Guinea can retire with dignity.
