Papua New Guinea, June 3 -- Papua New Guinea's two superfunds are expected to pay out around K806 million (US$233 million) to their members affected by the Covid-19 lockdown, as soon as the legislation is approved by Parliament in its sitting starting Tuesday.

It is estimated that around 50,000 members of both superfunds were laid off when the state of emergency was declared on 24 March.

They will be allowed to withdraw part of their retirement savings once an amendment to the Superannuation (Special Provision) Act is approved by Parliament.

The National Superannuation Fund (Nasfund) last month forecast a payout of around K260 million (US$75 million).

"We have basically modelled around K260 million but just based on what will be the i...