Children as young as six years old will now be able to own an FNPF account as early as December.
This was highlighted by the General Manager Member Services of Fiji National Provident Fund, Alipate Waqairawai at the Rewa Provincial Council Meeting.
Waqairawai says that under the FNPF Act, members are allowed to start having an account from as young 6-years-old.
He says that they are currently working on the legal and the IT aspects of this process because it involves trustees.
Waqairawai also encouraged the people of Rewa to open up accounts for their children because it is the best way of saving.
He highlighted that 73% of FNPF members have balances of $10,000 and below which is a worry.
Waqairawai says this is why they are going out and conducting consultations around Fiji.
Waqairawai adds that the main reasons for these members having $10,000 and below in their accounts is because of the previous policies of fund withdrawals.
He says before, members could take out two thirds of their money where one third was preserved but with the reforms conducted, this has been fixed.
Waqairawai says another policy that was changed includes the 23 grounds of withdrawal where in the past, people would treat FNPF as a bank and take money out for any occasion.
FNPF has reduced this to only five grounds which is housing, education, unemployment, medical and funeral.
