FNPF Concerned With Members Future

Workers who are members of the Fiji National Provident Fund can find themselves in financial trouble if they do not plan their retirement wisely.

This warning comes from the FNPF Chairman Parmesh Chand who has revealed that out of the total of 352,000 members of the Fund, 97,041 applications for withdrawals were received last year.

He said members are increasingly seeing the fund as sources of withdrawal for their needs.

Chand said that the Fund paid out $33.6 million to about 3480 members who opted for lump sum withdrawal when they turned 55 which is an average of about $10,000 per member.

Chand said the $10,000 will be fully utilized in several months looking at the current high cost of living and members will be left with very little or no money to survive for the rest of their lives. According to Chand only 15 percent of members eligible for retirement opted for pension.

He is calling on the FNPF members to leave sufficient money in their FNPF accounts for their future as such withdrawals accessed under approval grounds will reduce the amount available for their retirement. Chand adds the FNPF is strategizing its focus to streamlining its role to achieve the objectives of its establishment of saving and investing funds, ensuring a financially secure future for its members.

He said FNPF also seeks the cooperation of members to share their vision and focus of saving their money for their future and reduce their withdrawals.