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FNPF looks at measures as CEO reassures members
Indra Singh January 19, 2021 12:50 pm
The Fiji National Provident Fund says it will be looking at introducing measures heading into this year and beyond.
The Fiji National Provident Fund says it will be looking at introducing measures heading into this year and beyond.
One of the plans is the introduction of special deduction for disaster withdrawals.
This is being floated to assist members who resort to the fund whenever Fiji is affected by natural disasters.
There is also plans made to have the reinstatement of member contribution rates. The rates currently stand at a total of 10 percent, with employees and employers, both contributing five percent respectively.
Prior to the COVID-19 measures, the contribution was eight percent by employees and 10 percent by employers.
FNPF Chief Executive, Jaoji Koroi, says despite the challenges of COVID-19 and Tropical Cyclone Yasa, members funds remain safe.
He says their investment portfolio is diverse and positions the institution to withstand tough times.
“I think that is the assurance that we are giving and the fund is here for the long term. There is a certain number of members who are over 55 and still have their funds with us. They have been talking to us and we have been assuring them. It’s also the safest investment at the moment and it’s giving you five percent interest. So it’s a safe investment and there is no need to come and withdraw if you don’t have a retirement plan.”
FNPF adds that it invests with a view that a member joining today will expect his savings to accumulate for over 30 years.
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