An agreement has been signed to promote superannuation retirement savings for participants in Papua New Guinea’s Fisheries Sector.
The National Fisheries Authority (NFA) and National Superannuation Fund Limited (Nasfund) signed a Memorandum of Understanding (MoU) today, Thursday 12th May 2022, signaling the start of the partnership.
Signed by NFA Acting Managing Director Justin Ilakini and Nasfund Chief Executive Officer, Ian Tarutia this MoU now enables the country’s fisheries regulator and leading superannuation provider to work together to allow more people in Fisheries to save for retirement.
The signing was described as a historic step in creating strategic partnerships for development in the Fisheries Sector by empowering fisherfolk through financial literacy to manage their finances well and to save for retirement through Nasfund.
Most fisherfolk along the coastal areas of PNG contribute a biomass of 130,000 metric tons with an economic value of K3 billion and Nasfund is offering an opportunity for the Fisheries Sector to save under its flagship programmes such as Eda Supa.
The NFA is looking at discussing these and other specific details of the areas of cooperation under the MoU.
Nasfund CEO, Ian Tarutia said this development is an extension of the Fund’s efforts in promoting superannuation across all industries for PNG citizens.
Nasfund has undertaken similar programmes within the agriculture sector through smallholder farmers and aquaculture operators, encouraging them to save for retirement.
In recent years, the Fund extended their services outside of the traditional formal sector to members and potential members in the informal sector.
This is evident with membership from the cocoa and oil palm industries and SME’s who save through Nasfund’s voluntary contribution product, Eda Supa. At present over 35,000 Nasfund members save through Eda Supa. Their savings total over K67.5 million.
This is in addition to the current membership from the Fisheries Sector which comprises of 27 organizations with a total combined workforce of over 27000 contributors all throughout the country and a total of K52 million in superannuation savings held with Nasfund.
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