Papua New Guinea: Nasfund Pushes for Universal Retirement Savings

Extending retirement savings to every Papua New Guinean worker is a key goal for Nasfund, according to Melanie Lavaki, Head of Marketing and Stakeholder Engagement. She stressed that access to superannuation should not be limited to formal sector employees but should include those in small businesses, the self-employed, and the informal economy.

Lavaki spoke at a recent Papua New Guinea Trade Union Congress (PNGTUC) and International Labour Organization (ILO) partnership workshop. The event focused on enhancing awareness of national policies and social protection measures for informal workers. It also explored strategies for trade unions to better organize and support this vital sector.

During a session on social protection, Lavaki addressed the common misconception that superannuation is exclusively for employees of large organizations. She clarified that while contributions are mandatory for larger employers, smaller businesses and individuals can opt for voluntary savings plans. Nasfund offers "Eda Supa," a voluntary product accessible to formal and informal sector workers, including the self-employed and non-citizens.

Nasfund's aspiration, Lavaki stated, is to see legislative changes that make superannuation a mandatory right for all workers in PNG. The organization also supports recommendations from the Association of Superannuation Funds of Papua New Guinea (ASFPNG) for universal coverage, stronger protection of contributions, greater employer accountability, and improved financial literacy regarding retirement savings. Nasfund aims to ensure all workers can retire with dignity.

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Our aspiration at Nasfund is to see legislative reforms make superannuation access a mandatory right for every worker in PNG.