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71% of FNPF members have balances below $10,000

November 26, 2018 4:38 pm

71 percent of Fiji National Provident Fund members have balances below $10,000.

This represents about 305,254 members.

Speaking at the member forum in Labasa over the weekend, FNPF CEO Jaoji Koroi says of this 57,000 people are over 50-years-old.

They will be eligible to exercise their retirement option within the next five years.

Koroi adds, the low member balance has been an ongoing challenge for the Fund and can be attributed to irregular attendance at work and low income.

Of the 29 percent of members whose balances are above $10,000, 42,889 are females and 82,785 are males.

The Fund is planning to undertake more awareness and retirement planning sessions.

This year they have conducted sessions in 154 workplaces which were attended by 5,850 members.