6.25% in­ter­est for FNPF mem­bers

Re­forms have helped the Fund get to where it is

Fiji Sun - - Front Page - RACHNA LAL SUVA Edited by Naisa Koroi Feed­back: rach­nal@fi­jisun.com.fj

Fiji Na­tional Prov­i­dent Fund mem­bers are ex­pected to re­ceive a mas­sive 6.25 per cent in­ter­est rate pay­out. This was an­nounced by the Min­is­ter for Fi­nance, Aiyaz Sayed-Khaiyum, dur­ing the 2016-2017 Na­tional Bud­get an­nounce­ment on Wed­nes­day night.

The 6.25 per cent in­ter­est rate would be the high­est paid by the fund since 2006. Once paid out, this in­ter­est rate would pro­vide a ma­jor boost to mem­bers’ funds. It is worth not­ing you may not be able to get such high in­ter­est rates on any term de­posits. Mr Sayed-Khaiyum said the strong fi­nan­cial po­si­tion of FNPF was achieved be­cause of the re­forms im­ple­mented un­der the Bain­i­marama Gov­ern­ment a few years ago. “The re­forms adopted by the fund have pro­duced an ex­tremely sound in­vest­ment mech­a­nism for FNPF and an im­por­tant source of in­vest­ment for the na­tion,” he said. “This was re­cently also re­con­firmed by third party ac­tu­ar­ial as­sess­ments.” Mr Sayed-Khaiyum recog­nised FNPF’s ma­jor role in help­ing main­tain our econ­omy per­for­mance when the coun­try was struck by dis­as­ter in the form of Trop­i­cal Cy­clone Win­ston. “The FNPF al­lowed mem­bers to with­draw $1000 in post-cy­clone as­sis­tance and up to $5000 for quick re­pairs as­sis­tance,” he said. “FNPF has paid out $276 mil­lion to 180,000 mem­bers un­der this cy­clone as­sis­tance.”

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