3 Per Cent Drop in Members With Less Than $10,000

The Fiji National Provident Fund believes that the percentage figure of its members that have less than $10,000 in their account has decreased to 70 per cent, from 73 per cent in June 30, 2017.

Speaking at the launch of the FNPF Retirement Expo for the Western and Northern Divisions, General Manager Member Services Alipate Waqairawai said the figure decreased from 2016 to 2017 by two per cent.

“At the end of this financial year which we have passed we expect these figures to go down further,” Mr Waqairawai said. “So, it is already working people now know that they need to retire and we do awareness sessions where we go out to work places, to close to 180 places where the recorded attendance is more than 6700 people.”

He said the demand for the retirement expo was so high that people who had been sending them requests would have to wait until November because their schedule was full.

“Let us be frank about it, we do not really plan for retirement. The retirement expo is about awakening us to the fact that one day we will retire,” he said.

“One day the weekly, the fortnightly, the monthly salary will cease, but the reality is that life must go on.

“Food must be put on the table for our families, bills must be paid, children need to be sent to school.

“The earlier that you prepare the better.”

He said the collaboration with their expo partners was to provide a one-stop shop to obtain the information to enable them to plan better for their retirement. “You can start early by accessing the right professional and responsible advice from our stakeholders at the expo.”

Referring to 2017 statistics Mr Waqairawai said 44 per cent of their members had balances of $5000 and below.

“If someone retires with $5000 you will agree with me that that is really peanuts. No one can survive on $5000,” he said. “We need more than that, you know the cost of living that we have today. The drive is for us to ensure that people are made aware from an early age that they need to prepare for retirement.

“They say that taxes and death are certainties in life. We at the fund like to say that retirement is also a certainty in life.” Edited by Percy Kean