Friday 09 May, 2014

Payroll officers fail

Payroll officers fail

The failure by payroll officers to follow proper processes has resulted in more than K32 million in members contributions still sitting in the National Superannuation Funds (NASFUND) account, an official says.

Speaking at the third employer luncheon in Port Moresby recently, senior contributions officer Kasolyn Jack said a total of K32, 712,704.42 unallocated funds needed to be allocated to respective employer accounts.

The NASFUND event was aimed to educate payroll officers to understand the processes involved to correctly remit their members funds appropriately and on time.

In attendance were payroll officers from 11 companies. There were taken through the registration and contribution processes highlighting critical areas that contributed to overall updating of employee funds on time.

The luncheon highlighted the importance of ensuring all contributing members of NASFUND submit correct date of birth details for investment purposes and in forecasting payouts to retirees. The significance of updating the member’s nominating forms was an important aspect when a member passes on. The fund had seen in recent years, families going through lengthy court hearings to claim funds through the public curator’s office, because deceased members failed to update their beneficiaries.

Employers have been urged to work together with NASFUND to assist members avoid complications when claiming their entitlements.

Caption: Senior Registration officer, Sammy Wariambu explaining the registration processes to payroll officers in the recent luncheon in Port Moresby.

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