392,175 FNPF members to receive a total of $371 million next Friday evening

392,175 FNPF members to receive a total of $371 million next Friday evening

By Rashika Kumar
Friday 24/06/2022

There is good news for 392,175 FNPF members as a total of $371 million will be credited into their account next Friday evening.

This comes as the FNPF has approved a credit interest rate of 6% for the fiscal year ending this month.

FNPF CEO, Viliame Vodonaivalu says the interest amount each member will receive depends on the average daily balance over the years.

He says the growth in interest relates to a high return achieved from investment that they have strategically managed.

Vodonaivalu says the predominant component of the investment return is the government bond income and equity investment return and equity investment return can be attributed to infrastructure investment, and partly to the recovery of the tourist industry since the border opened in December last year.

The CEO says the Fund is able to pay a higher interest rate than it did in 2021 when they paid 5% because of their diversified investment portfolio.

He says the 6% interest rate serves as a reassuring signal to their members that the fund and its future is secure.

Vodonaivalu adds all active FNPF member accounts will have a $35 debit made next Friday for the Special Death Benefit premium.

He says the special death benefit premium of $35 for death coverage of up to $8,500 has been maintained by the board for the upcoming financial year from July 1st to 30th June next year.

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