FNPF members can only do withdrawals on five grounds
September 15, 2018 7:09 pm
Fiji National Provident Fund members can no longer withdraw their general account on twenty-three grounds.
FNPF General Manager Member Services, Alipate Waqairawai says that their members can now only do withdrawals on five grounds.
Waqairawai says there has been strict conditions in accessing FNPF accounts, as it has been noted that a lot people have less than $10, 000 in their accounts due to constant withdrawals.
“70% of your money is preserved for retirement. So for all of us members now, you have two accounts. General Accounts is 30% where you can access five ground of withdrawals but the 70% is preserved for retirement. The only time you can touch that is when you are purchasing your first property or a land.”
Waqairawai says their services are available in terms of teaching their members the best way to save for the long run.
The FNPF team is expected to head to the Western and Northern Divisions to raise more awareness on saving money for retirement.