$174m given to landowners under the ERD policy
December 31, 2018 7:20 am
The iTaukei Land Trust Board Building in Suva
Since July 2015, the iTaukei Land Trust Board had distributed a total $174 million to an average of 51,366 individual members under the Equal Rent Distribution Policy.
This distribution was done to various landowning units on a monthly basis.
TLTB’s chief executive officer, Tevita Kuruvakadua says the Board also invested a total of $32.5 million for 39,834 landowning unit members below 18 years, this was done to various investment institutions in the country.
Kuruvakadua says these funds will only be released to the iTaukei children who are entitled to these lease monies once they turn 18 years.
Out of the 39,834 under 18 minors’ accounts, 20,812 are male members and 19,022 are female members.
Kuruvakadua says the purpose of keeping these funds for our children is to empower them to start up new opportunities when they turn 18 – either to further their studies, start a new business venture or expand to other available opportunities in life.
The ERD option was introduced by the current Government and was effectively implemented by TLTB through its IT lease distribution system from July 2015.