7 percent interest for FNPF members for the 2023 financial year

7 percent interest for FNPF members for the 2023 financial year

By Mosese Raqio
Friday 30/06/2023
FNPF CEO Viliame Vodonaivalu

Good news for Fiji National Provident Fund members as they will receive a 7 percent interest for the 2023 financial year.

This will be credited into members’ accounts tonight.

While making the announcement, FNPF CEO Viliame Vodonaivalu says the financial position continues on a positive trajectory, which is reflected in the annual interest that will be credited to members' accounts.

Vodonaivalu says in the past six years the Fund has now paid over $2.06 billion to members and they are proud to offer this rate to the members as it has been 24 years since they last declared a similar crediting rate.

Vodonaivalu says this is an anticipated time for the members and more so, for FNPF.

He says coming out of the health pandemic of 2020 and 2021, the Fund’s focus has been on repositioning and resetting our approach to ensure that we continue to grow members’ savings in line with our vision to help them achieve a financially secure future.

He adds before they determine the interest rate, they are required by law to prove that it will not place undue stress on the Fund’s solvency requirement.

Vodonaivalu says this is their ability to meet the financial obligations, which are members’ funds or savings and the Fund Actuary has issued a certificate to confirm our ability to pay our liabilities.

He says this means that an estimated total of $449 million will be credited to around 405 thousand members of FNPF’s accounts. tonight.

The CEO says the amount of interest that each member earns depends on their average daily balance.

He adds an increase in crediting rate this year is a reflection of FNPF’s commitment to delivering value to their members.

Earlier today, the coalition government announced in the National Budget that they will restore FNPF contribution rates to 18% which is 8% for the Employee and 10% for Employers.

Vodonaivalu says this restoration will grow member balances towards the retirement income they want.

2 year old girl dies in a fire in Seaqaqa, reports reveal she was at home with her 3 year old sister - NFA
A 2 year old girl has died after fire destroyed their 3-bedroom timber and corrugated iron house at Vunikoka Settlement in Seaqaqa, and the National ...
6 hours ago
Woman charged for allegedly unlawfully obtaining money meant for Back to School Education Assistance
A woman has been charged for allegedly unlawfully obtained money meant for Back to School Education Assistance from a member of the public through ...
4 hours ago

Drua to work on discipline - Byrne
The Swire Shipping Fijian Drua will be looking at improving their discipline this week when they meet Moana Pasifika in the Shop N Save Super Rugby ...
4 hours ago

Residents ask why frequent water cuts in Tacirua East
Some concerned residents of Tacirua East Sub Division have raised serious concerns about frequent water cuts despite a healthy reservoir. They ...
5 hours ago

Takayawa threatened at party HQ but says he wants to remove the ‘liu muri’ party tag from SODELPA
SODELPA General Secretary, Viliame Takayawa says he had to go to the Totogo Police Station last week after some people from the party’s Suva ...
5 hours ago

Drugs stuffed in fish bellies from Kadavu
Some village heads from Kadavu have raised concerns that people are now stuffing drugs inside the bellies of fish and smuggling them to Suva and ...
5 hours ago

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Kishore Kumar Trial
Kishore Kumar is charged with allegedly making false claims on his Facebook page, Kishore Kumar Publications that there was a porn video of ...
7 days ago

Concerns raised regarding the state of CWM Hospital
General and Chief Pediatric Surgeon at the CWM Hospital, Dr Josese Turagava says due to the increase in the number of people who are moving to the ...
8 days ago

HSBC Perth 7s 2024
The Fiji Airways Men’s National 7s side secured a 4th place finish at the HSBC Perth 7s while the Fijiana 7s finished 8th in the Women’s ...
24 days ago