Month: October 2023
PORT MORESBY: NCSL is pleased to announce a Long Service Leave (LSL) savings product in
partnership with DuluxGroup PNG.
Both parties agreed under a memorandum of understanding, to provide an LSL Savings Account to
all eligible Dulux employees. The savings account will accommodate employee LSL entitlements,
where 80% of net LSL for individual employees will be transferred to ncsl upon voluntary
membership registration. The Society will manage Dulux employees LSL entitlements until members
employment with the company is terminated or member reaches 15 years term of service with Dulux.
This savings product will earn interest but is subject to its terms and conditions.
As the preferred Savings & Loan Society, NCSL was preselected by Dulux to have the savings product
purposely developed to financially assist its employees meet their financial obligations. This first of
its kind product was proposed by Dulux as a benefit for its staff. It has taken months of review,
multiple discussions and system developments at ncsl to ensure that the LSL product is now available
for Dulux employees.
Dulux General Manager, Simon Barstow said “Dulux employees have had a relationship with ncsl for
many years. NCSL is a trusted partner and we are looking to expand our relationship via the new
product to benefit our employees.”
Barstow also highlighted that currently the LSL does not earn any interest at Dulux, and they are very
happy to know that this accrued LSL will earn very good interest rates at NCSL.
“This will help build up the value of the LSL, which then is an asset that employees have for
retirement, medical, house purchases, kids education etc. This new product is part of Dulux’s
commitment to provide financial literacy training and support for all our employees with their
financial goals. In emergencies NCSL can process loans against this LSL very quickly which again
benefits employees,” he concluded.
Furthermore, NCSL Acting Chief Executive Officer, Keith Raimo said, “We are pleased to go into this
arrangement with Dulux to manage its employees’ LSL entitlements. NCSL is always looking for
innovative ways to provide better products and services for our members. In this instance, Dulux, as
a concerned employer, proactively reached out to ncsl to discuss value added benefits that we could
provide to their employees. We are very happy with the launch of this product and look forward to
providing similar products for other employers as well”
The LSL product will be officially launched later in October at the Dulux head office in Lae with NCSL
to implement product awareness at all Dulux sites throughout the country thereafter. NCSL will be
serving over 150 Dulux employees and are proud to be working with such a caring organization to
provide this amazing product.
