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FNPF credits over $1bn to its members since 2015

April 8, 2019 7:15 am

The Fiji National Provident Fund has credited over one billion dollars to its members’ accounts in the last four years.

Economy Minister Aiyaz Sayed-Khaiyum, says after the reforms, FNPF’s total assets stand at seven billion dollars and this is more than sufficient to cover its liabilities of $5.5 billion.

Sayed-Khaiyum stressed the Fund has enough to operate alone.

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“If tomorrow everybody decides to withdraw their funds, say we are going to shut down FNPF, there is enough money to pay everybody and it will still have $1.5billion left.”

Sayed-Khaiyum says this is a major improvement from the deficit $337 million in 2010 prior to the reforms.

After the reforms, interest paid to members’ accounts also increased to 6.35 percent.

 

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