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.
“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.