FIJI NA­TIONAL PROV­I­DENT FUND

pay­out this Fri­day, says Koroi

Fiji Sun - - FRONT PAGE - FRED­ER­ICA ELBOURNE Feed­back:fred­er­ica.elbourne@ fi­jisun.com.fj

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.”

Pensioners

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

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.

Photo: Fred­er­ica Elbourne

From left, Fiji Na­tional Prov­i­dent Fund chief ex­ec­u­tive of­fi­cer Jaoji Koroi, FNPF chief op­er­at­ing of­fi­cer Ali­pate Waqairawai and FNPF chief fi­nan­cial of­fi­cer Pravi­nesh Singh.

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