nasfund is pleased to inform its members and employers that it is working to enforce one account per member.
This will address the following issues:
• Multiple accounts created which requires member effort to merge accounts.
• Contribution allocation issues because member accounts are locked down to respective employers.
• Extra administrative workload by nasfund to merge multiple accounts or fix contribution allocation issues.
• Extra administrative work for employers in completing writing identification letters for former employees for the purpose of merging multiple accounts.
The data configuration changes, will model nasfund member accounts to be similar to how bank accounts work. For instance, one worker can move from employer to employer but will still have one bank account to receive salary payments.
In planning for these changes, nasfund will be conducting employer workshops in Port Moresby which makes up 60% of employer-base, Lae which makes up 10% of employer-base and rest of the provincial centres which make up rest of the 30% of the total nasfund employers.
nasfund CEO Ian Tarutia said, “As a progressive Trustee of worker savings and data with higher fiduciary duties and responsibilities than ordinary business entities, we work solely for the best interests of our employers, members and their beneficiaries.
Everything we do to generate financial returns and operational efficiencies, we do that in the best interests of our members at all times.”
“On behalf of the Fund, I request full cooperation from employers and members to facilitate employer payroll upgrades and compliance with new business rules once enforceable first quarter of 2020.”