$286.2 million to be credited to FNPF members account
June 30, 2020 1:26 pm
388,071 members of the Fiji National Provident Fund will share $286.2 million in their account from midnight tonight.
The announcement was made by FNPF Chief Executive Jaoji Koroi saying this is a five percent interest of the financial year ending 30th June, 2020.
Koroi says the amount that each member gains will depend entirely on their average balance during the year but they must have a positive FNPF balance.
He adds the Fund had expected the rate to normalize this year, however, the added economic downturn due to COVID-19 has resulted in the declaration of only five percent.
The Fund has paid over $1.43 billion in interest to members’ accounts over the past five years.
The Fund has revalued all its investments and has taken into account the negative impact of the pandemic.
Koroi says the revaluation exercise is not an easy task given that there is no agreed framework for valuation under a pandemic.
Nevertheless, international valuation firms were engaged to ensure that best practices are followed despite the tough investment and operating environment.