Unit trust and FEA sign Memorandum of Agreement
The Fiji Electricity Authority has signed a deal which will allow their employees to directly invest in Unit Trust of Fiji buying shares. Speaking at the agreement signing, FEA chief executive, Hasmukh Patel, said the agreement was a great opportunity for the staff of FEA. “This agreement will provide FEA staff the understanding on the activities and operations of Unit Trust of Fiji,” Mr Patel said.
He also said, the staff through the agreement, would be able to utilise the services and products offered by the trust which will increase the overall wealth of each employee. He urged employees to invest for various reasons.
“If you invest in Unit Trust of Fiji, by buying their shares or units, their dividends are tax free which itself is an incentive for FEA employees,” he said.
Unit Trust of Fiji chief executive, Vilash Chand, thanked FEA for accepting their initiative of promoting savings investment at workforce. “Essentially what this agreement does is it creates a platform for FEA employees to save in addition to what they save under the FNPF act,” Mr Chand said. “This will help them have some sort of savings in addition to what they receive from FNPF after retirement.” Mr Chand added the trust had created a lot of incentives under the agreement. “One of the incentives we have created is the employee can register without having a minimum balance,” he said. “They can register with us, open an account and have a salary direct deduction or so.”
Unit Trust of Fiji chairperson, Shaenaz Voss, said the employee’s savings scheme was a savings plan that would brings good dividends to those investing. “It is easy to save under such a savings scheme provided by Unit Trust of Fiji and FEA Staff and management should take up this opportunity and invest.”
Unit Trust of Fiji has currently registered 15 entities already with FEA being the 16th entity. The event was held at FEA Boardroom in the main office in Suva yesterday.