FNPF reveals policy changes

The Fiji National Provident Fund has today revealed policy changes to be implemented in April, which it terms short-term pains for long-term gains.

Board chairman Parmesh Chand said for local education assistance, short courses will no longer be funded under this ground and funding of members' siblings children will not be allowed adding accommodation will now be benchmarked for USP's small room charge, and maximum assistance under this ground will be $2,000 per child per semester while for overseas education members can only use their education eligibility.

He said for medical, local and overseas, the Fund will no longer assist members' siblings and siblings' children adding this is restricted to partial eligibility.

Chand said for funeral assistance, while assistance will remain at $1,500, the fund will no longer assist those applying for their sibling’s children's funeral expenses while for unemployment assistance, this will now be limited to only one withdrawal of $500 per annum.

Chand added if you want to work overseas, you may withdraw a maximum of $5,000 and only partial eligibility can be accessed for this, while for re-settlement overseas on Provisional Residency Visa you can utilize a maximum of $10,000 from your partial eligibility.

He said for re-employment for security services, assistance will no longer be offered to members' siblings or siblings' children adding members can only utilize their partial eligibility limited to $5,000 per child.

Chand said the new policies are to ensure funds put aside by members are mainly used for retirement purposes and nothing else after employers, the International Monetary Fund and the World Bank raised concern and warned against excessive withdrawals.