$4 million will be provided in the 2024-2025 National Budget to reinstate the Fiji National Provident Fund pension payments for pensioners that were forced to opt for a reduced pension rate following the 2011 pension reforms by the Bainimarama interim government.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says the pension payment will be restored from 1st August 2024 and moving forward.
This only applies to those pensioners that opted for full pension after the reforms and excludes those that fully or partially withdrew their funds.
The full actuarial cost of this reinstatement for around 1,500 pensioners is $57.0 million over the next two decades.
The earlier arrangement for the affected pensioners to access the Government social pension scheme will cease effective 1st August 2024.
Click here for more Budget 2024-2025 stories
Stay tuned for the latest news on our radio stations
