FNPF calls for more voluntary reserves
October 10, 2017 5:48 pm
Transferring more funds to your Fiji National Provident fund account is the best way to save for your retirement.
Manager Member service, Alipate Waqairawai, says Fijians should not withdraw money from their Fund unnecessarily.
Waqairawai says they noticed that those who will retire in the next five to ten years’ have balances of less than $10,000 in their accounts – which is not enough for a retiree.
“If they want to increase their contributions by an additional sum, they can do that. So at the moment what comes from the employment is 10 percent from your deduction is about eight .Each compulsory member has the freedom to increase if they have the choice to increase their contribution by any additional twelve percent so if you look at your financial or weekly budget to see you can afford an additional sum, you can increase your contributions by either one percent, two percent or three percent.”
FNPF says any mandatory member can increase their contributions up to twelve percent.