January 27, 2022

RAIL rated ‘Most Compliant Employer’ in superannuation contributions

NBPOL’s Ramu Agri Industries Limited (RAIL) was a recipient of the 2021 Employer Awards from Papua New Guinea (PNG) superannuation provider, National Superannuation Fund Limited (NASFUND), onJanuary 27, 2022, in Port Moresby.  

RAIL was featured in Category A that comprises large industries with monthly contributions exceeding K100,000, and came out as a winner for being the ‘most compliant employer’ in 2021. The other two categories were i) between K50,000 and K100,000 and ii) less than K50,000 per month. 

NASFUND CEO, Ian Tarutia, said the annual employer awards is an initiative of NASFUND to acknowledge partnerships and efforts of contributing employers who have shown resilience and consistency in managing member’s retirement savings each year in six key areas that have effectively upheld the General Provisions of the Superannuation Act 2000.  

“In this regard, I would like to congratulate Ramu Agri Industries Limited for being awarded as the 2021 Most Compliant Employer – Mandatory Contributions in Category A”, Tarutia said. 

He said the “Most Compliant Employer –Mandatory Contributions” award takes into consideration the monthly contribution frequency, new member count for the reporting period, and the combined balance of new members.  

Tarutia also congratulated RAIL’s human resource and payroll teams for their dedication and commitment in supporting the PNG workforce to contribute towards their retirement savings.  

NBPOL’s Company Secretary, Teup Goledu, received the award on behalf of RAIL during the presentation held at the Hilton,Port Moresby.  

The event was graced by the acting governor of Central Bank, Benny Popoitai, who said under the Superannuation Act the bank is mandated to ensure that employee and employer contributions are not just paid, but paid to entrusted superannuation funds for retirement savings, and also ensure that the contributions are managed prudently by the funds for the benefit of their members. 

Tarutia added that PNG does not have an effective social security system for citizens and the superannuation fills this void.  

Since the establishment of the awards in2018, NASFUND has recognized 63 out of 2,700 employers that contribute actively. The 2021 winners were selected out of 37 employers that made the final list. 

In 2020, NBPOL’s West New Britain was also bestowed double awards by NASFUND.
ENB Administration was declared:
  1. 2000 Employer of the Year – Category B (Overall) and
  2. Most Compliant in Benefit Payments – Category B.
Several NBPOL employees and sites in PNG are contributors of NASFUND retirement savings.