Employers and employees will pay 6% each in FNPF contributions from 1st January 2022

Employers and employees will pay 6% each in FNPF contributions from 1st January 2022

By Vijay Narayan
Friday 17/12/2021
FNPF Chief Executive Officer Viliame Vodonaivalu

The contribution rate for compulsory FNPF members will increase to 12 percent from 1st January 2022 as announced in the 2021-2022 National Budget this year.

This means that employers and employees (members) will pay 6 percent each.

The new rate will be effective until 31st December 2022.

FNPF Chief Executive Officer Viliame Vodonaivalu says the increment is part of moves to gradually restore the compulsory contribution rate, after it was reduced from 18 percent to 10 percent in April last year to cushion the impact of the COVID-19 pandemic.

Vodonaivalu says from 1st January, contribution rates will move up by 2 percent as they work towards reinstating the rate to what it was pre-COVID-19.

He says this is positive for compulsory members because it simply means an increase in their contributions and ultimately, their retirement savings.

Employers are encouraged to ensure they comply with the new rate, come January.

Vodonaivalu says while the rate is still lower than the pre-pandemic rate, itโ€™s a step in the right direction, especially with economic activities slowly picking up.

FNPF also commends those employers who have maintained the old contribution rate through additional payments to the mandatory rate.

The CEO says they continue to encourage members to take up additional contribution payments as a means of growing their savings now, rather than later.

Employers are encouraged to reach out to the Fundโ€™s team if they are continuing to face challenges with meeting their FNPF obligations.



Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
2022 Coca-Cola Games
Fiji Secondary Schools Athletics Association General Secretary, Vuli Waqa says they are expecting around 2,500 athletes from 135 schools to participate in this yearโ€™s Fiji Finals.
4 days ago

Commonwealth Games 2022
98 athletes carry the hopes of the nation to the 2022 Commonwealth Games
11 days ago

2022-2023 National Budget Debate
The 2022/2023 National Budget Debate full coverage.
18 days ago
FEATURE NEWS
Internal differences are normal, Sayed-Khaiyum and Bainimarama have no understanding or tolerance for differences - Rabuka
Peopleโ€™s Alliance Leader, Sitiveni Rabuka says as they operate in line with the rules of democracy, they naturally have internal disagreements. W...
2 hours ago
LATEST NEWS
Suspect in custody after the death of a 19-year-old man in Ra
A suspect is in police custody after the death of a 19-year-old man in Vatukacevaceva in Ra. Police spokesperson Ana Naisoro says the man was ...
2 hours ago

EFL receives over 100 reports of broken service mains
Energy Fiji Limited has received more than 100 reports of broken service mains over the last two months and power to the affected area is shut off ...
3 hours ago

47 new COVID cases
47 new cases of COVID-19 have been recorded in Fiji of which 27 new cases were recorded on Friday, 13 cases on Saturday, 4 cases on Sunday and 3 new ...
3 hours ago

Students behaviour on buses a concern - ACCF
Students are seen regularly behaving dangerously on buses, including sitting on window ledges with half of their bodies hanging out of the bus, and ...
17 hours ago

Qiliho refutes claims against poor police response time in the Raiwai incident
Commissioner of Police Brigadier General Sitiveni Qiliho has refuted claims against poor police response times concerning the Raiwai incident ...
17 hours ago

TOP