The Economy Minister says the Fiji National Provident Fund has been recording healthy growth for the past five years. [File Photo]

The Economy Minister says the Fiji National Provident Fund has been recording healthy growth for the past five years.

Aiyaz Sayed-Khaiyum says this is the result of more and more people being employed in the formal sector.

He adds this is also due to the changes in the Funds policy where members only withdraw fund from their General Account in terms of crisis such as disaster relief assistance.

“In 2015, the total contribution for the year through FNPF deductions was $432.2m, in 2016 it was $480.6m, in 2017 it was $546.2m, and in 2018 it was $599.9m and $652m in 2019”.

Sayed-Khaiyum says the 10 percent contribution of employers and eight percent contribution of employees will help rebuild the stockpile of pension in the individual employees account.