FNPF clarifies small accounts and unemployment withdrawals
February 9, 2018 5:41 am
The Fiji National Provident Fund has clarified several issues pertaining to the new Withdrawal Guidelines which came into effect from February 1st.
The FNPF says there are a lot of misunderstanding on the qualifying conditions for the full withdrawal for small accounts and early withdrawal for unemployment assistance.
Chief Operating Officer, Jaoji Koroi, says some members have not fully understood the rationale for these changes and have misinterpreted the requirements.
Koroi says to qualify for the small account withdrawal, members must be between 50-54 years of age, be unemployed for three years from the date of application and have a balance of $5,000 or less.
He says the entitlement for Unemployment Assistance of $2,000 is for social protection, and have been extended to cover local seasonal workers.
However, the assistance does not cover overseas contractors such as those who work for overseas security firms, as they have not been contributing to their account.