$3.25m recovered during waiver period
February 16, 2019 7:00 am
The Fiji National Provident Fund recovered $3.25 million in outstanding contribution by waiving penalties.
Chief Executive Jaoji Koroi says a total of 499 employers used the penalty waiver period from September to December 2018 to clear the contribution debt.
Koroi says the Fund had activated the penalty waiver to enable employers to pay their outstanding debt, given that the non-payment of contributions affects members’ accounts.
The Fund was able to recover part of the debt through thorough investigation and compliance checks, which also resulted in some organizations clearing their dues from past years.
During the penalty waiver period, 499 out of 1,594 employers either fully paid or partially paid their debts and the remaining 1,095 employers will be subject to a penalty of $100 per employee per month.
The Fund also has authority to impose travel restrictions on defaulting employers and it can recover money from other third parties too.
The Fund will also be publishing names of Employers who are regularly in breach of the Act.
Koroi says $9.05m is still owed in outstanding contribution.
This includes $4.75m from previous financial years and $4.3m for the period July – December 2018.