News

Thursday 21 May, 2020

COVID-19 relief payment

COVID-19 relief payment

NASFUND Members whose employment has been terminated by their employer as a direct result of COVID-19, will be entitled to a one-off payment once relevant legislation has been passed by Parliament.

Whilst we await Parliament’s approval, NASFUND would like to advise its members that it is now accepting applications for COVID-19 Relief Payments.

If you are a NASFUND member and your employer has terminated due to COVID-19, you will be allowed to withdraw part of your superannuation savings.
To access this payment;

  1. You MUST be a NASFUND Member
  2. You MUST have ceased employment on or after Monday March 23rd, 2020
  3. Your Employer MUST complete and sign a statutory declaration confirming your termination
  4. You MUST Complete and Satisfy all requirements of the COVID-19 Early Withdrawal Form SF-C19.

If you meet all of the above guidelines, you will be entitled to a one-off payment of 20% of your ‘member contribution’ up to a maximum of K10,000. This does NOT include the employer contribution and interest and is tax-free. This payment will be processed once relevant laws are approved by Parliament.

After three months of unemployment, you will be eligible to receive a monthly unemployment payment equivalent to 50% of your last monthly salary, which is already provided for under the Superannuation General Provisions Act.
For more information, please contact our Call Centre on 7373 3000, 75010063 or email help@nasfund.com.pg

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