NASFUND HIGHLIGHTS WOMEN’S SUPERANNUATION SAVINGS GAP
CAPTION: Nasfund Chief Executive Officer Mr Rajeev Sharma.
BY RAYLEEN WANJIMAN
THE National Superannuation Fund Limited has raised concerns a growing retirement savings gap affecting women in Papua New Guinea.
Reflecting on the significance of International Women’s Day, the fund revealed that women make up just 26 percent of its more than 733 thousand members, but hold 28 percent of total member balances valued at about K2.2 billion.
Nasfund data also shows that women’s participation in the fund declines with age. Women represent 27 percent of members between 18 and 35 years, dropping to 21 percent between 36 and 50, 17 percent between 51 and 60, and just 14 percent for those aged 61 and above.
Nasfund Chief Executive Officer Rajeev Sharma, says the patterns are clear, they recognise that many women experience periods away from paid work to take care of families and this naturally affects how much they can contribute over time.
He adds that their role now is to make superannuation simpler, more accessible and more supportive, so every woman has a real chance to build long-term security in retirement.
Meanwhile Nasfund is encouraging employers to support voluntary contributions above the mandatory rate of 8.5% and promote long-term savings among woman.
The fund says improving financial awareness and encouraging voluntary contributions can help women build stronger retirement savings over time and also stronger collaboration between employers and woman members can help close the retirement savings gap and ensure better financial security for women later in life.
