Further changes have been made to the Fiji National Provident Fund’s education, medical and unemployment withdrawal benefits.
Some of the key changes include the removal of three months waiting period for unemployment withdrawal due to resignation and also the removal of the “must be employed within 6 months of application date” withdrawal condition for members who are still unemployed and wish to access unemployment withdrawal again after 12 months from the last Unemployment Withdrawal taken after March 2022.
There is also an increase in incidental expense cover to $10,000 for members with insurance cover which was previously capped at $5,000.
It also includes the removal of the requirement for members to provide evidence of ability to pay the balance of medical and education fees, if their general account balance is less than 50% of the total fees balance.
Chief executive officer Viliame Vodonaivalu says the changes reflect the Fund’s ongoing efforts to factor in feedback from members, regarding products and services.
Vodonaivalu says the policy changes are a result of continuous product development and research that the FNPF conducts to ensure the benefits are progressive and inclusive.
He says the Fund is aware of the ever-changing needs of members and considers these when revising their policies, keeping in mind the primary purpose of their savings, which is retirement.
Vodonaivalu further says members will appreciate these latest policy changes, which will allow them to continue to take care of their welfare as well as that of their families.
The Revised Withdrawal Benefits include Unemployment Withdrawal where members who are still unemployed can apply again after one year since their last Unemployment Withdrawal taken after March 2022.
Previously, the cut-off was six months.
The three-month stand-down period for members who resigned is no longer applicable.
Previously, members who resigned from their jobs could only apply for the unemployment withdrawal benefit if they were still unemployed after three months.
Additionally, the current criteria for medical and educational withdrawals mandate that members who have a general account balance that is less than 50% of their respective medical or educational expenses must show proof of how they are covering the difference which is now also removed.
These changes are effective from next Tuesday 1st August 2023.
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