Nasfund has announced a remarkable 11.75% interest rate for the 2024 financial year, and it's the perfect gift for its 715,000 members, coinciding with Papua New Guinea’s 50th Independence Anniversary. This milestone reflects the fund’s exceptional performance and highlights its commitment to its members’ financial well-being.
Strong 2024 Financial Results Backed by Smart Investments
The numbers behind this announcement are impressive:
- Net Profit After Tax (NPAT): K849 million.
- Net Asset Value (NAV): K8.1 billion.
- Valuation Gains: K487 million, with K280 million coming from investments in Bank South Pacific.
Despite challenges such as the "Black Wednesday" financial crisis and a cost-of-living crisis, Nasfund demonstrated remarkable resilience. The fund’s ability to grow and outperform expectations is a testament to its strategic management and smart investment approach. What
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Does This Mean for Members?
This strong performance directly benefits Nasfund’s members by:
- Growing Savings Faster: The 11.75% interest rate means higher returns on your savings, helping you build a more secure future.
- Stability During Tough Times: Despite economic uncertainty, Nasfund has maintained consistent growth, ensuring your retirement savings remain safe and profitable.
- Compound Growth: With regular contributions, members will benefit from the power of compounding, where even modest deposits can grow significantly over time.
Membership Growth and Commitment
The fund welcomed 56,874 new members and 191 new companies in 2024, showing its increasing popularity.
Nasfund’s efforts to support members go beyond financial returns:
- Launched superannuation education videos in English and Tok Pisin.
- Introduced innovative digital services like a WhatsApp appointment process.
- Expanded the Membership Discount Program (MDP) and introduced new Employer-to-Employer partnerships, offering additional savings opportunities for members.
Looking Ahead
Nasfund CEO Rajeev Sharma highlighted that while the fund’s 2024 results were exceptional, superannuation is ultimately about long-term stability and growth. He urged members to remain consistent with their contributions, as timely deposits allow them to fully benefit from interest earnings. He also emphasized the importance of thinking long-term, as retirement savings have the potential to grow exponentially over time with patience and perseverance.
The impressive 11.75% interest rate for 2024 reflects Nasfund’s unwavering dedication to safeguarding its members’ financial futures. By managing investments prudently and adapting to ever-changing challenges, the fund continues to pave the way for members to achieve a brighter and more secure retirement.
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