The Fiji National Provident Fund will not be reviewing or increasing funds that members can withdraw to purchase a house for the first time.
This has been highlighted by FNPF Senior Manger Member Service Farnaz Queet while responding to questions during their Annual Member Forum at the Grand Pacific Hotel yesterday evening.
A question was asked on whether the current housing eligibility is sufficient to help families purchase their first home given the high market prices, whether the Fund has undertaken a study to assess its effectiveness, and whether there are plans to increase housing eligibility.
While responding, Queet says housing is one of the most sensitive areas when it comes to policy reviews and that, unfortunately, these reviews rely heavily on evidence-informed data and statistics to guide policy decisions.
She says the housing market is sensitive and expensive, and the Fund is also dealing with members who have lower balances.
The Senior Manager says FNPF allows members to withdraw 51 percent of their funds to support deposit.
She adds while it represents a significant portion of members’ total balance, there are currently no plans to increase it.
FNPF will host another Annual Member Forum tomorrow at the Fiji National University Namaka Campus.
