Boost savings through additional contribution: FNPF
March 23, 2019 7:39 am
While low member balances remain a challenge, the Fiji National Provident Fund is urging Fijians to boost their savings through additional contribution.
FNPF had earlier revealed that 71% of their members have low balances in their accounts.
General Manager Member Services Alipate Waqairawai says Fijians have the option of additional contribution.
“You could additionally increase your contributions to the maximum of thirty- percent .At the moment the FNPF for you is ten percent plus eighteen and now to maximize your savings within the next five year term, I would suggest you increase your contribution by additional 12 percent because that will boost up your FNPF and via compound interest that will actually grow your balances.”
FNPF has 429,936 registered members, out of which about 57,000 are over 50-years-old.
Meanwhile, about 64,000 members have zero balances.