FNPF to soon announce the full requirements and commencement dates for the Low Balance Account and Micro Business assistance

FNPF to soon announce the full requirements and commencement dates for the Low Balance Account and Micro Business assistance

By Naveel Krishant
Wednesday 04/08/2021
Acting CEO, Viliame Vodonaivalu. [image: file]

FNPF will announce in due course the full requirements and commencement dates for the Low Balance Account and Micro Business assistance.

Acting CEO, Viliame Vodonaivalu says the Fund has also revised its existing Small Account full withdrawal to allow members with a total FNPF balance of $10,000 or less, to fully withdraw their funds if they have been unemployed for 12 months or more.

Currently, the withdrawal ceiling for Small Accounts, which will now be known as the Low Balance Account Withdrawal, is $5,000 for members between 50 to 54 years old.

He says the Micro Business Assistance is another initiative that is available for members between 50-54 years and whose employment was impacted due to the pandemic.

Vodonaivalu adds members must have a minimum General Account balance of $1,035 and can access a minimum of $1,000 and a maximum of $10,000 from their General Account.

This relief is aimed at assisting members with small or micro business ventures.

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