61,000 FNPF members have nil balances
November 26, 2019 12:45 pm
Chief Executive Jaoji Koroi
The Fiji National Provident Fund has identified 61,000 members who have zero balance in their accounts.
This has alarmed the FNPF as it continues to address the importance of saving for retirement.
Chief Executive Jaoji Koroi says they have taken measures as they also hope members will opt for voluntary membership.
“For those over the age of sixty-five we are slowly cleansing and closing it so it does not unnecessarily inflate the membership but those that are below the age of fifty-five we can’t close it because they can appear tomorrow and open up a voluntary or whatever”.
Koroi says the FNPF is exploring options to make retirement savings more attractive and inclusive for workers in the informal sector.
As of June 30th this year 69 percent of the 444,663 members have balances below $10,000.