Debate issues through facts: AG
May 14, 2019 8:00 am
Studies have revealed the manner in which pension pay-outs were made between the 1980’s and 2000’s would have left no money in the Fiji National Provident Fund by 2054.
Attorney General Aiyaz Sayed-Khaiyum says this means young employed members wouldn’t have had enough money upon retirement even though they would have been contributing for 30 to 40 years.
This was raised during a heated debate on the review report on FNPF’s 2017 Annual report tabled in parliament last year.
Opposition MP Salote Radrodro used this session to take a swipe at the government.
It’s not within FNPFs capacity to generate employment. That is the government’s responsibility and that’s where the government has failed miserably and I’m saying that based on FNPF members with $10K contribution and less if indeed the government is concerned about the workers and the FNPF contributors then it should be generating more employment.
The Attorney General called on the Opposition side to speak on facts – confirming there are many FNPF members with less than $10,000 in their accounts.
Before the reforms those people who had very low amounts were actually getting on a monthly basis $7, $10, $15, they don’t highlight that point. After the reforms, irrespective of how much they’ve contributed even though it was less, nobody got less than $100 a month.
The AG told the Opposition to come with clean hands if they are to have an intellectual debate in parliament while revealing a hotel deal gone wrong.
There was a Natadola Intercontinental project and they formed a partnership with the man wanted offshore and he was bankrupt. He was being flown in from Nadi in a helicopter to come to Natadola every time. Who paid? FNPF – the FNPF members.
He says if the cost were allowed to accumulate the way things were heading than the total cost would have been over $1bn.
Sayed-Khaiyum also reiterated that FNPF Board Chair Ajith Kogagoda doesn’t make decisions on his own as there are other board members who collectively have a say regarding the financial institution.