The Fiji National Provident Fund says the Fund’s cash and deposits currently sit at $570 million.
CEO Jaoji Koroi says there are always concerns about whether FNPF can sustain COVID-19 withdrawals.
He has assured members that these withdrawals are made with due consideration of the Fund’s financial position.
Koroi says the estimated cost for the 3 phase extensions, is around $50 million, of which Government’s subsidy is about 50%.
He says it is important to emphasise that all these withdrawals are made from members eligible balances in their General Account.
Koroi says the funds in our preserved account is preserved for retirement.
He says this important change has seen a growth in total members funds held in the Preserved Account, in comparison to the last five years.
