Improved processing time for Fund

Initiatives to improve processing times into member accounts will come to fruition this year.

In October 2019, NASFUND introduced the One Member One Account concept, which means a member will only have one account number for life once they register with the Fund as a contributor. Currently, members moving employment from one establishment to another end up with more than one membership number and this becomes problematic when the member becomes eligible to withdraw their savings.

The initiative has required system changes that have started through Kina as fund administrators and public awareness, which was conducted through three employer conferences held in Port Moresby and Lae.

CEO Ian Tarutia said: “By April this year, we anticipate system changes to be completed and followed by a majority of employers adjusting their payroll records accordingly to ensure member account details are recorded once and for all.”

Other initiatives were the introduction of Super Saturdays, extending client service hours to weekends on Saturdays in POM and Lae, which will continue this year and the introduction of member kiosks, which was first rolled out in Kimbe in June 2019. Further roll-out of kiosks in high traffic areas throughout the country are planned for this year.

“Our IT division has been boosted with the recruitment of smart technical experts and this will drive several other projects we are embarking on to improve our service accessibility and turnaround times,” Tarutia said.

Press release