Superannuation Act

CTSL to propose ‘Medical Advance’

CTSL CEO, Charlie Gilichibi, said the this was one specific feedback from its contributing members which they will be proposing to the Task Force Review.

He said under the current legislation a contributing member has to be declared not fit to hold down a job. This will allow them to access their retirement savings for treatment.

Super not a substitute for Social Security

“Superannuation is only for retirement or when you are no longer working – as specified in the Superannuation Laws,” Mr Sayer said.

“In PNG, where there is no pension or welfare, it is really important bread-winners who have supported their families for decades, have reasonable retirement savings to support them when their fortnightly income stops.”

Super Act changes expected soon

The ASF's currently are preparing to process the COVID-19 relief payment recently announced by the Government.

In a statement released on Monday April 20th, only members of super funds who have ceased working, effectively losing their jobs as a result of COVID-19, will be eligible for the relief payment.

Regulatory changes to make the payments lawful are expected to be passed soon while work has already commenced on preparing new forms and making changes to the operation side of benefit payments once changes to the Superannuation Act are complete.