6 per cent interest

Fund to credit $371m in member accounts

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THE Fiji National Provident Fund (FNPF) board yesterday approved a crediting interest rate of 6 per cent for the fiscal year ending June 30.

FNPF chief executive officer Viliame Vodonaivalu said as a result of this interest payment, $371 million would be credited into the FNPF accounts of 392,175 members.

At a press conference yesterday, Mr Vodonaivalu said the 6 per cent interest rate served as a reassuring signal to the FNPF members that fund and its future was secure.

The interest amount which each member will receives depend solely on their average daily balance over the year.

After this interest payment, the fund will have distributed to its members interest payments totaling more than $1.6 billion over the previous five years.

Meanwhile Mr Vodonaivalu said the fund had been able to strategically manage its investments which resulted in higher returns, enabling the fund to increase the interest rate this financial year.

“Predominate component of investment return is the Government Bond – Income and equity investments return.

“On equity investment return can be attributed to infrastructure investments and the recovery of the tourism industry since borders opened in December 2021.”

The board also maintained the Special Death Benefit (SDB) premium of $35 for an SDB death cover of up to $8500.

The CEO said all active FNPF member accounts would have a $35 debit made on July 1, 2022 for this SDB premium.

So from 1 July 2022, members can see how much their balance has grown by downloading the MyFNPF App on their mobiles or through the other FNPF digital services (Member Portal, myFUND SMS).