An agreement has been signed to promote superannuation retirement savings for participants in Papua New Guinea’s fisheries sector.
The National Fisheries Authority (NFA) and National Superannuation Fund Limited (Nasfund) today signed a Memorandum of Understanding (MoU), signaling the start of this partnership.
Signed by NFA Acting Managing Director Justin Ilakini, and Nasfund Chief Executive Officer Ian Tarutia, this MoU now enables the country’s fisheries regulator, and leading superannuation provider, to work together to allow more people in fisheries to save for retirement.
Commenting on this strategic partnership, NFA Acting MD Justin Ilakini said this MoU is a historic step in the right direction for NFA in creating strategic partnerships for development in the Fisheries sector of Papua New Guinea by empowering fisherfolk through financial literacy to manage their finances well and to save for retirement through Nasfund.
“Most fisherfolk require basic financial literacy training to manage and save their income. Coastal fisheries in PNG has a biomass of 130,000 metric tons with an economic value of K3 Billion.”
“Coastal fisheries has the potential to out-perform the Tuna Industry if it is properly developed in PNG.”
Nasfund offers a great opportunity for the fisheries sector through its coverage throughout PNG under its flagship programmes such as Eda Supa.
We note Nasfund has undertaken similar programmes within the agriculture sector through smallholder farmers, and coastal fishing, inland fishing and acquaculture operators will be encouraged to join Nasfund.
The NFA looks forward to discussing these and other specific details of the areas of cooperation under the MoU.”
Nasfund CEO Ian Tarutia said this development is an extension of the Fund’s efforts in promoting superannuation across all industries for our citizens.
“As the leading superannuation fund in PNG, it is our responsibility to do our part in ensuring as many Papua New Guineans have the opportunity to save and access superannuation services.”
“In recent years, we have done our part in extending our services outside of the traditional formal sector, to our members and potential members in the informal sector.”
“This is evident in our membership who are in the agriculture sector (cocoa, oil palm), and SMEs who save through our voluntary contribution product, Eda Supa.”
At present, over 35,000 Nasfund members save through Eda Supa. Their savings total over K67.5 million.
“We look forward to growing this membership through this partnership with NFA, and are excited at welcoming new members in the Fisheries sector in the coming weeks.”