FNPF has enhanced its superannuation and other services for its members – PM
80.5% of FNPF members had balances of less than $20,000 in their accounts as of 30th June 2021 - Tikoduadua

FNPF has enhanced its superannuation and other services for its members – PM

80.5% of FNPF members had balances of less than $20,000 in their accounts as of 30th June 2021 - Tikoduadua

By Krishneel Nair , Naveel Krishant
Wednesday 31/08/2022
Prime Minister Voreqe Bainimarama and NFP President Pio Tikoduadua. [Image: Parliament of Fiji]

Prime Minister Voreqe Bainimarama says FNPF’s role is to provide a secure future for it’s members by ensuring they have a comfortable retirement supported by their hard earned savings they have accumulated over the years while NFP MP Pio Tikoduadua says 80.5% of FNPF Members had balances of less than twenty-thousand dollars in their accounts as of 30th June 2021.

While speaking on the motion that Parliament debates the ‘Review of the Fiji National Provident Fund 2019, 2020 and 2021 Annual Reports, Bainimarama says through his government’s sound economic policy, including digital transformation and government incentives to the FNPF, Fiji has enhanced its superannuation services, delivered world class products and established an easier communication channel for its members.

Bainimarama says FNPF now has over 446,000 members, $1.5 billion in general reserves, $8.2 billion in net assets and paid out 5 percent interest to its members.

He adds the fund is operating at an international standard which was made evident by a 2022 award by the International Social Security Association in the good practise award for Asia-Pacific region.

He says the ASPEN project which is co-jointly owned by the FNPF is bound by agreements which is in line with the Financial Management Act 2004, Procurement Regulation 2010, Companies Act 2015 and other laws of Fiji.

However, NFP President Pio Tikoduadua says 359,516 out of a total of 446,658 members had less than $20,000 as their fund balances.

He says it’s not surprising therefore that only a little over 4% of members opted for the pension scheme upon their retirement.

Tikoduadua says over 359,000 members will receive pittance if they choose to retire.

Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Womens Rugby World Cup 2022
Quarter-final qualification is now the goal for the Rooster Chicken Fijiana 15’s following their 21-17 victory against South Africa.
103 days ago

Queen Elizabeth II passes away
Queen Elizabeth II, the UK's longest-serving monarch, has died aged 96, after reigning for 70 years.
133 days ago

Fiji wins Melrose Cup after 17 years
Fiji wins the RWC 7s title after 17 year drought
135 days ago
Riyaz Sayed-Khaiyum received $304,453.08 during COVID year – Amrit
Fijian Broadcasting Corporation Board Chairman, Ajay Bhai Amrit has today revealed that sacked CEO of FBC Riyaz Sayed-Khaiyum received $304,453.08 dur...
4 hours ago
Police seek help in identifying man whose body was found near the Vatuwaqa Bridge
Police are seeking assistance in identifying a man whose body was found near the Vatuwaqa Bridge this morning. Police are still at the ...
3 hours ago

Two men in custody for alleged burglary case in Lautoka
Quick response by the K9 Unit in Vitogo resulted in the arrest of two men involved in an alleged burglary case in Matawalu, Lautoka. The report ...
3 hours ago

Aiyaz Sayed-Khaiyum should consider himself as part of a bad history for the Fijian economy – Prof.Prasad
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says he is getting on with the job of fixing the economic mess that former ...
3 hours ago

Arts Village swimming hotspot re-opened
One of the swimming hotspots, the Tiki Pool and Bar at the Arts Village in Pacific Harbour is now re-opened for families and friends after a lapse of ...
4 hours ago

Health Ministry welcomes any help with open arms - Dr Lalabalavu
It has been a while since any Board of Visitors has had an audience with the Health Minister, especially in the headquarters and entertain the board ...
4 hours ago