FNPF removes contribution limit

If you are a member of the Fiji National Provident Fund, you can now deposit any amount in your accounts as and when you wish, without restrictions.

The Fund has approved the removal of the limit placed on payments for voluntary members and compulsory members opting for additional contributions.

Acting Chief Executive Officer Viliame Vodonaivalu says the FNPF Board has decided to provide members with these two opportunities to add value to their savings.

The current cap or limit for voluntary contributions is $200,000 per year.

Vodonaivalu adds removing restrictions for additional contributions will allow members or employers to pay more than 30% of the member’s wages.

He says not only they provide one of the best interest rates on savings but members funds kept with the Fund are tax-free.

FNPF has paid members $1.43 billion over the last five years in interest alone averaging 6.14% from 2016 to 2020.

The Fund has more than 22,000 registered voluntary members, however, only 5,806 are actively contributing.

A total of 12,050 employees are receiving additional contributions from their employer and 5,708 members are currently paying employee additional contributions.