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.

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