The Fiji National Provident Fund has suspended processing fees for all early withdrawal assistance, effective from today.
FNPF CEO Jaoji Koroi says they understand that members need to access their FNPF savings to meet their social security needs such as housing or education.
He says suspending these fees will ease the process for them and their families.
In 2017, the Fund had reduced processing fees from $20 to $10 for all early withdrawal assistance and housing withdrawal fees was reduced from $200 to $50-$100.
The Fund reviewed this decision recently and decided to remove the fees altogether, given the feedback from members’ and the Fund’s drive to be more responsive to members.
Koroi says they are listening to their members more and they know that the processing fee issue is constantly being raised during their Annual Member Forums, especially the housing fees.
The CEO says despite the lifting of all withdrawal processing fees, the Fund requests members to be mindful of their pattern of withdrawals adding the Fund has never restricted members from withdrawing their funds.
He says however, members need to understand that every withdrawal, will deplete their funds and in turn affect their balance when they reach retirement.
The cessation of processing fees includes all early or partial withdrawal grounds (Education, Medical, Funeral &
Unemployment fee $10) as well as for Urban and Village Housing withdrawals ($50-$100).
Members will no longer have to pay these fees when accessing their funds for early or partial withdrawal assistance.
