National Superannuation Fund, Nambawan Super Ltd is encouraging its members and others to save in a new savings scheme called Choice Super to gain maximum benefits.
The new savings scheme allows members and non-members alike to join and save money but cannot withdraw at any time unlike commercial banks.
The Fund has also encouraged its members to increase their fortnightly contributions from the current compulsory deduction of 7% in order to have more money when they retire or resign from their jobs.
Nambawan Super’s Highlands Regional Team Leader, Allan Koi Titip revealed this at Mt Hagen Hospital early this month when addressing staff of the Western Highlands Provincial health Authority on the different forms of savings schemes available to contributors.
Mr. Titip said the compulsory savings scheme where public sector employees contributed 7% and their employers 8% was good but employees could increase their contributions if they wanted to save more.
He said many contributors had increased their contributions by 2-3 percent and they were seeing good results at the end of each year when the statements came out.
The new savings scheme is intended mainly for grassroots and illiterate people who have difficulty opening up accounts in commercial banks. It is aimed at getting them to save their money and let it grow with interest.
Mr. Titip said this savings scheme was especially good for village people like PMV operators, trade store owners and chicken farmers to save but employees on fortnightly wages could also join as long as it was under a relative’s name to the one used in Nambawan Super.
He said under Choice Super, anyone can open up an account with a minimum deposit of K20 with no limit on the maximum deposit. He said deposits can be made at any time but only one withdrawal will be allowed after five years in order to encourage people to save.