November 13, 2020

Smallholder growers in West New Britain to participate in retirement savings with Nasfund

Oil palm growers in the West New Britain (WNB) Province will now have an opportunity to save for retirement with one of PNG’s leading superannuation provider, Nasfund. Through the Eda Supa product, more than 1,000 growers have already signed up to contribute with the support of NBPOL’s WNB Smallholder Affairs and Finance departments. The deal was finalised with a brief launch ceremony on November 13, 2020, in Kimbe. Among those present were representatives from Nasfund, NBPOL, the provincial government and smallholder growers. 

WNB presented K100,000 to Nasfund as the initial payment for smallholder superannuation contribution. Nasfund Chief Operation Officer Anne Wilson thanked both NBPOL and the Oil Palm Industry Corporation for facilitating the first batch of member contributions and spoke highly of the initiative headed by NBPOL Smallholders Affairs. “This partnership is a ‘blueprint’ of how we can engage with our smallholder growers, not only in West New Britain but also with other smallholders in PNG. It is only the beginning of a long-term partnership to provide leading superannuation services to our people,” said Ms Wilson. 

She added that the partnership now enables the growers to know that their hard work will reap rewards with this savings product when they retire. Ms Wilson mentioned that the occasion was even more special because it was NBPOL and Nasfund’s first of such engagements that stands to support small-to-medium enterprises and grow the economy. With smallholders now being part of the Nasfund family, they can also receive the benefits that come with savings.  

WNB Head of Plantations, Mr. Tan Tee Ung, said this initiative will definitely encourage other growers to improve their productivity and yield in their oil palm blocks, sell more harvests to NBPOL and at the same time make regular savings for the future.