Thursday 24 January, 2019

NASFUND/BPNG joint new business sweep

NASFUND/BPNG joint new business sweep

Jordon Karo and Moses Kawi of NASFUND joined forces with five (5) Bank of PNG officers to carry out the first New Business Sweep of 2019. The sweep was purposely initiated to identify non-complying employers and to understand issues/reasons why they haven’t been compliant to the Superannuation (General Provisions) Act 2000. It (the sweep) lasted for two (2) weeks from the 14th-24th of January 2019. During the sweep the team noticed a lot of employers hiring consulting firms acting as agents of meeting business requirements such as IPA Certification for Foreign Enterprises, work permit and employment visas, processing of trading licenses and superannuation.

The main challenge is location, especially with security firms. They Move locations without notifying respective authorities such as IPA (Investment Promotion Authority) & SIA (Security Industries

Authority). Other issues identified during their sweep were with shops. Shop owners mainly Asian/Bangladeshi live abroad making it difficult for employees to endorse the registration forms. Most have less than 15 employees. Despite the difficulties faced in locating most of these employers our team identified twelve (12) potential new business by the end of the two (2) week sweep and dropped off SF3 forms with them. It is always a pleasure working in collaboration with our regulator BPNG.

Photo caption: NASFUND & BPNG team meeting with a potential new employer

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