FIJI NATIONAL PROVIDENT FUND
payout this Friday, says Koroi
More who have lost their jobs as a consequence of the coronavirus pandemic will receive financial assistance through Fiji National Provident Fund this Friday.
Chief executive officer Jaoji Koroi made the announcement yesterday while outlining the various categories and phases of pay out.
Phase two of the relief assistance will be rolled out this week, where members are encouraged to apply through the digital platform to guarantee quicker access of approval, he said.
FNPF has paid $52.1 million to date in relief funds under phase one of the pay out, of which $7 million was provided by Government.
The fund has paid 82,850 pf the 90,487 applications.
Applications for unemployment transition that were received between May 30 and June 8 will be processed under normal unemployment policy, Mr Koroi said.
“Members assisted under this will not qualify for COVID phase two pay out or Government top up.”
Active pensioners would have received their one-off COVID-related payment last week, with a sum of three months pension, valued between $300 and $900.
FNPF paid $4.4 million to about 6737 pensioners, Mr Koroi said.
“There’s a group of suspended pensioners who haven’t validated their proof of life.
“FNPF will publish a listing of pensioners this week who need to contact us, for validation before we can release their relieve payment.”
Mr Koroi said the verification period closed at the end of June.
TC Harold property
FNPF continues to process applications for relief funds to members severely affected by Tropical Cyclone Harold.
The fund received 1072 applications and has paid $1.06 million to date under the scheme.
“Members who missed the scheme have been advice to apply as normal housing withdrawals,” Mr Koroi said.
Members are only accessing funds from their general account, he said.
Sustaining the fund
“On June 2019, the balance was $1.19 billion, and, $4.72 billion is still preserved for members’ retirement.
“This was part of the reforms done in 2012, which allowed members to access only 30 per cent of their balances, and preserve 70 per cent for their retirement.
“In 2014, the total preserved account was only $2.5 billion.
“The last six years, this has accumulated to $5.9billion, which reflects the power of preservation of the 70 per cent.”
Categories of assistance for unemployed
FNPF has created categories to assist unemployed members.
• those who applied through Phase 1 and remain unemployed or have become unemployed, and,
• those who did not apply in Phase 1, but are now unemployed.
Those who did not apply in Phase 1 and are still unemployed or have become unemployed, will be receive financial relief from the fund from June 5.
Mr Koroi said $220 was a one-off lump sum payment that was payable also to members within this category who had less than $35 in their general account.
No application forms are needed as payments will be made directly to members’ account.
Category two payout will roll out on June 9, which covers those who lost their jobs, received assistance in Phase One and had less than $35 in their general account.
Members under this category are entitled to a total sum of $880 which they will receive in fortnightly instalments from June 23, with the provision of Government top up, Mr Koroi said. Members who were assisted under the COVID-19 relief scheme and received normal unemployment benefits from FNPF can expect a total sum of $1100 in fortnightly instalments, which will be paid out from June 23.
From left, Fiji National Provident Fund chief executive officer Jaoji Koroi, FNPF chief operating officer Alipate Waqairawai and FNPF chief financial officer Pravinesh Singh.