FNPF hopes to address low members balances through reforms
March 20, 2019 8:05 am
The Fiji National Provident Fund is hopeful that the issue of low member balances will be addressed through the various reforms carried out.
It has been revealed that the vast majority of their over 429, 000 registered members earn below $30, 000 annually.
The Fund says there are four main reasons for this low member balances.
General Manager Member Services Alipate Waqairawai says with the reform they hope to change this in the future.
“The members who are going to be joining the workforce now they will end up with very large balances because of the 70 – 30 that’s now mandated by the law, because the larger proportion of their sum, they won’t be able to take out. They are only allowed under very strict conditions in terms of first time housing and land application.”
The FNPF has 236, 058 members who actively contribute throughout the year while over 4, 000 are voluntary members.