121 minors registered under FNPF’s Minor Voluntary scheme
February 27, 2019 1:13 pm
121 one minors have registered with the Fiji National Provident Funds’ Minor Voluntary scheme.
Under this scheme which was launched earlier this month, children as young as 6-years can have an account with the superannuation.
Chief Executive Officer Jaoji Koroi says the decision to extend membership to children is part of the Fund’s plan to extend its social security agenda to allow Fijians who are excluded from the compulsory savings scheme to also save for retirement, especially the younger generation.
During a media briefing today, FNPF General Manager Business Transformation Millie Low highlighted that the aim is to enhance a culture of saving.
“This financial year our target was really not about getting in the numbers. For us we wanted to understand the type of people that would buy into such a product and we wanted to study their behavior about consistency of contributions.”
The age eligibility for membership into the Voluntary Scheme has been reduced from 16- years to 6-years and allows Fijians up to 54-years old to sign up for this scheme.
The Minor Voluntary Scheme allows children to earn compounded interest on their savings enabling them to accumulate and grow these at a faster rate with zero fees and no taxes.
FNPF also aims to target domestic workers, taxi drivers and the informal sector.