Pension payment details for 35000 workers insufficient
THIRTY-FIVE thousand workers are losing out on timely returns on their pensions as more than 650 employers continue to remit monthly Fiji National Provident Fund (FNPF) contributions with incorrect details.
FNPF chief executive officer Viliame Vodonaivalu said while employers were paying on time, members were the ones who suffered due to the delayed posting of funds to their accounts because of the lack of information provided by their employers.
“This is an ongoing issue and one which the fund has been trying to resolve with employers for the sake of the members and this is particularly for payments done online through internet banking,” he said.
“What this does is strip our members of their rightful retirement savings as in these cases the funds are diverted and kept under our Suspense Account.
“Our team spends a considerable amount of time sifting through these payments and reaching out to employers to determine the correct amount to be paid to the right member accounts.”
Mr Vodonaivalu said FNPF charged a late payment penalty of $100 an employee a month and so far, it had collected almost $100,000 in penalty fees as a result of this issue.
“We’re calling on all employers to ensure that the correct narration is provided with all contribution remittances.”
Meanwhile, FNPF’s annual member forum for 2024 will begin next week in the Western Division, in which the fund will present its 2023 annual report to members.
“The forum is a legislated event and allows direct engagement with our key stakeholders,” Mr Vodonaivalu said.
“It is an opportunity for muchneeded conversations on pertinent issues.
“We welcome the scrutiny during the forum because it is an opportunity for us to provide clarity on operational or investment decisions and to correct the misinformation shared and accepted in public spaces, especially on social media.”