Parliament to debate FNPF Bill on Friday to allow members to rejoin after retirement

Parliament will debate the Fiji National Provident Fund Amendment Bill on Friday, which will allow people to rejoin the Fund a second time after retirement.

Deputy Prime Minister and Minister for Finance Professor Biman Prasad tabled the Bill under Parliamentary Standing Order 51 for it to not be referred to a Parliamentary Committee and be debated and voted upon on Friday.

While tabling the Bill, Professor Prasad says the amendment aims to improve the Fund rules to better serve the changing labour market, demographic shifts and the needs of the people, especially older workers and the diaspora community.

Professor Prasad says the core of this proposal is to revise the membership rules of the FNPF and enable individuals who have withdrawn their funds upon reaching 55, those who have migrated and later returned to Fiji and members who have withdrawn on medical grounds to rejoin the fund two times.

He says this flexibility will allow them to continue building their lifelong savings.

The Deputy Prime Minister says currently members who have fully withdrawn from the Fund can only re-enter once.

Professor Prasad says this was established when the retirement age was set at 55 and the likelihood of finding work after retirement was low.

He says data shows that many workers, especially those with technical skills remain active in the workforce beyond age of 55.

Opposition MP, Jone Usamate says he is opposing the Bill as it was tabled under Parliamentary Standing Order 51.

He says there are a few weeks before the next sitting of Parliament.

Usamate says in this case, it is a fairly simple amendment but believes there is an opportunity, even under Order 51, for a Committee to do their own review and come back in the next sitting of Parliament.