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PNG Government to settle retiree superfund payments
8:52 pm GMT+12, 14/03/2017, Papua New Guinea

The Papua New Guinea Government has agreed to have K100 million (US$31.4 million) allocated to pay off outstanding payments for retired public servants’ contribution owed to Nambawan Super Limited.
 
There is currently an outstanding of K113 million (US$35.5 million) which the Government has incurred for over 10 years which is now under a legal process.
 
But Chief Secretary Isaac Lupari told Post Courier that the Government has been in constant discussions with Nambawan Super and Treasury to look at ways to offset the remaining K113 million which was incurred over a 10-year period.
 
Lupari told Post Courier K100 million has been agreed to be paid specifically for retired public servants but arrangements needed to be in place on the latter.
 
The Chief Secretary said discussions on the arrangements between Nambawan Super and Treasury is still current and once all instruments are in order an announcement will be made.
 
He said the Government has agreed for K100 million allocation for retiring public servants who still have outstanding payments and whether to do monthly cash flow, or weekly payments.
 
Finance Secretary Ken Ngangan also said there have been continuous discussions on how to pay off these outstanding payments owing to the public servants.
 
“We are trying to find some other smarter ways to offset instead of just talking about cash,” Dr Ngangan said.
 
“There are other ways to settle those liabilities. It’s not just about money, it’s about swap of properties etc, those other kind of arrangements," he said. "There are smarter ways to address this, we all just focus on money, money, money, we also looking at other ways to offset this,” he said.
 
Dr Ngangan said that the outstanding payments are from 10 years ago and they were in constant discussion on the latter.
 
“But it’s being handled through the Chief Secretary’s office and we on track on it,” Dr Ngangan said.
 
Lupari assured that the outstanding payments will be sorted out in time.


SOURCE: POST COURIER/PACNEWS


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