FNPF tries to help low balance members
January 20, 2021 5:47 am
FNPF Chief Finance Officer, Pravinesh Singh
The Fiji National Provident Fund will soon be reviewing its withdrawal policies to assist members with low balances.
This comes as the FNPF has revealed that more than 17,000 members now have zero balances in their General Account.
The FNPF says to assist members build their balance, it will review withdrawal polices to provide value-added services, and encourage members to repay early withdrawals.
It says the steadfastness of protecting 70 percent of member’s savings for retirement has led to the doubling of this amount from $2.5 billion in 2014 to $5b in 2020.
FNPF Chief Finance Officer, Pravinesh Singh, says they need members to think well before withdrawing.
“Very important for members to understand this part, FNPF is paying a very good interest. In fact, we credited five percent. So any opportunity for members to continue to keep their money in FNPF, and be able to pay and afford any unforeseen circumstances from own savings, is highly recommended because at the end of the day FNPF is retirement fund and we are here to protect your retirement.”
At the end of 2020, FNPF had a total of 447,635 members.