6% Interest Rates Paid To FNPF Members, Funds Are Secure: CEO

$371 MILLION WILL BE CREDITED INTO THE FNPF ACCOUNTS OF 392,175 MEMBERS ON THE EVENING OF JUNE 30, 2022.

Good news for all the Fiji National Provident Fund members, check your balance on July 1. A total of $371 million will be credited into the FNPF accounts of 392,175 members on the evening of June 30, 2022.

This was announced by the FNPF chief executive officer Viliame Vodonaivalu on Friday after the FNPF Board approved a crediting interest rate of 6 per cent for the fiscal year ending June 30.

The interest amount which each member will receive depends on their average daily balance over the year, says Mr Vodonaivalu.

He said despite the erratic external changes happening throughout the world, the Fund has continued to go forward “with our growth objectives, reiterating our solid financial position, to provide interest to our members”.

He said the growth in interest is related to the higher returns achieved from investments that have been strategically managed by the FNPF.

“The 6% interest rate - serves as a reassuring signal to our members that the Fund and its future are secure.

“We will continue to explore more investment possibilities to maximize member

funds’ growth and get them ready for a more financially secure retirement.

Mr Vodonaivalu also announced that the Special Death Benefit (SDB) premium of $35 for an SDB death cover of up to $8,500 has been maintained by the Board for the upcoming fiscal year.

“In the tragic event of a member’s demise within the 2023 financial year, which runs from July 1, 2022, to June 30, 2023, this sum is added to the member’s total balance,” he said.

All active FNPF member accounts will have a $35 debit made on July 1, 2022 for this Special Death Benefit premium.

Members and employers have been reminded to make any voluntary, mandatory, or supplementary contributions by 1pm on June 30, 2022 so that the Fund would be able to complete the Interest Crediting procedure.

On June 30.

■At 1pm, all FNPF cashier services will be closed.

■From 2pm, all customer service centers will close.

Photo: Selita Rabuku Fiji National Provident Fund general manager member services, Alipate Waqairawai , CEO Viliame Vodonaivalu and chief information officer Rukshan Rajapaksha on Friday, June 24, 2022.