While government employees have enjoyed the plan for the past year, as of 1 July all employers must contribute five per cent above the wages they pay, while employee’s pay another five per cent.
Finance Minister David Adeang said this was yet another important step in the journey of a country shaking off the mistakes of the past and maturing.
“Nauru must establish a sustainable future for itself and its people, and this superannuation scheme, administered by a respected fund manager independent of government, will ensure that all Nauruans will have savings in the future.”
Mr Adeang believes history will judge the six years of the Waqa Government as some of the most valuable since independence 50 years ago.
“From day one we made the future a priority. We paid back a lot that was owing to the Nauruan people and set about creating wealth for the years to come, including establishing the intergenerational trust fund, which last year exceeded AUD $100 million in fund value.
“Our government drew a line in the sand. We said no more squandering money, no more corruption, no more cronyism and no more short-cuts.
“This turnaround didn’t happen by accident, but by planning, sound financial management and a determination to secure the viability of Nauru.”
However, the minister also had a warning for Nauruans.
“What we have done can all be lost again with the wrong decisions by the wrong people.”
Pointing to the upcoming elections, Mr Adeang said not all candidates shared the government’s values and goals.
“There will be candidates who want to turn back the clock and who are trying to gain power for their own greed, like they did in the past.
“It’s vital for Nauru to stay on track, and I urge all Nauruans to ensure that the stability and prosperity of the past six years remains.”