Sainiani Boila 
File Photo
The Fiji National Provident Fund is undertaking a significant legislative review to modernize the Fiji National Revenue Fund Act 2011 and the Special Debt Benefit Regulations of 2022.
Minister for Finance Esrom Immanuel says this comprehensive review aims to seek approval to improve the operation and governance of the FNPF and to support schemes for Fijian workers overseas.
Immanuel says it will also ensure that the legislation remains robust, relevant, and effective in safeguarding the interests of its members within evolving economic and social conditions.
Immanuel says the 2011 Act was initially enacted to provide workers with a reliable mechanism to accumulate savings during their working years, ensuring income security after retirement.
Additionally, The Special Debt Benefit Regulations, which came into effect in July 2022, govern financial assistance to dependents of members concerning unpaid debts, outlining eligibility, premium rates, and claim procedures.
“The law review has commenced with a fund setting up a committee, as I mentioned already, to undertake public consultation and draft the terms of reference for the consultant to assist with the review process. So the consultants are expected to commence work in April next year and recommendations will be brought back to Cabinet and appropriate approval before drafting of the amended legislation.”
Immanuel says the review strives to address emerging challenges and gaps since the legislation has not undergone a comprehensive assessment since its enactment, except for minor budget-related amendments.
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