Whilst in Goroka recently Nambawan Super Limited (NSL) took the opportunity to award the Goroka Urban Local Level Government (GULLG) with the “NSL Top Employer Award for Voluntary Contributions Uptake – 2024”, in recognition of GULLG’s outstanding efforts in educating and supporting their employees toward achieving a financially secure and comfortable retirement, resulting in the strong uptake of Voluntary Contributions by their staff in 2024.

The award was presented by NSL’s incoming Board Chairman, Mr. Richard Sinamoi, during NSL’s first Regional Engagement and Awareness (E&A) session held in Goroka, in May at the Bird of Paradise Hotel. The presentation was witnessed by over 100 NSL Employer representatives and Members from Eastern Highlands, Chimbu, Jiwaka, Western Highlands, Enga, and Southern Highlands Provinces who attended the E&A event, representing more than 79 Employer groups.

This award recognises GULLG’s proactive collaboration with the NSL Goroka Branch to empower their employees to take greater control of their retirement savings through additional Voluntary Contributions. As a result of this initiative, the number of employees taking up Voluntary Contributions increased from just three in 2023 to over 95 in 2024.

NSL’s Chief Executive Officer, Mr. Paul Sayer, commended GULLG’s efforts, stating, “What GULLG has done as an Employer is encouraging. They have led by example in considering the financial well-being of their staff, not just while employed with their organisation, but even after they have left. GULLG have demonstrated that they are a ‘truly thoughtful’ and ‘responsible’ Employer.”

He added, “Papua New Guinea does not have a social security system, and our Members often find it challenging to save due to cultural demands and the high cost of living. Many employees who are NSL Members tend to spend all their wages taking care of their families and managing day-to-day living, without considering saving for life after employment.”

‘Superannuation’ is about saving for the long-term to support your financial needs when you retire. ‘Retirement’ is the period in your life when you no longer work and earn a regular fixed income. The official retirement age in PNG is 65 years old.

Once retired, the majority of Papua New Guineans rely heavily on their savings and their family network to support them during their old age, however, the reality is that many times this is not enough.

To ensure retiring Papua New Guineans have some form of financial security and support, and to protect their retirement savings, the PNG Government enacted and introduced stronger reforms to the Superannuation Industry through the Superannuation (General Provision) Act 2000.
Superannuation, by law, is a compulsory savings system in PNG where after three months of employment, both the Employer and employee must contribute a minimum of 8.4% and 6% respectively of the employee’s salary, directly into the employee’s superannuation account. Some employers, however, choose to commence their employer contributions immediately upon employee commencement.

NSL encourages all Members and Employers to follow GULLG’s example and take advantage of NSL’s Voluntary Contributions product. Employers can reach out to their nearest NSL Branch to organise “Super Sessions” to drive awareness around the products and services available to NSL Members.

Currently, 100% of GULLG employees are actively making Voluntary Contributions, demonstrating what can be achieved when Employers and employees work together with NSL toward a stronger and financially secure retirement.

NSL Goroka is now extending this success to other Employer groups in the area. In May 2025, the team partnered with Papindo – Goroka, registering 79 employees for Voluntary Contributions, and they will continue the rollout to Papindo Kainantu.

NSL encourages all Employers across Papua New Guinea to join this initiative and provide their employees the opportunity to grow their superannuation savings through Voluntary Contributions and the power of compound interest.