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literacy Financial Scheme To Benefit BAF Employees

literacy Financial Scheme To Benefit BAF  Employees
From left: Unit Trust of Fiji’s chief executive officer, Vilash Chand with Biosecurity Authority of Fiji acting chief executive officer Hillary Kumwenda after the signing of the Employee Investment Scheme Memorandum of Agreement on October 11, 2018. Photo: Maraia Vula
October 12
11:18 2018

Biosecurity Authority Fiji (BAF)  is walking the talk by becoming the newest member of Unit Trust of Fiji’s (UTOF) Employee Investment Scheme (EIS).

The two institutions signed a Memorandum of Agreement under the scheme that will be able to empower BAF’s employees to save and invest for their wealth management.

The scheme is UTOF’s national financial initiative to promote savings and investment in the workforce.

The scheme essentially provides a platform for employees to regularly invest their funds through a salary direct deduction.

UTOF will assist BAF in awareness and selection of investment plans for each employee based on his/her investment mandate and long-term goal.

UTOF’s chief executive officer, Vilash Chand said the investments under EIS is on voluntary basis and the investment decision will be the sole responsibility of the employees.

UTOF’s main objective is to promote and inculcate the culture of savings and investment in the workforce.

Mr Chand highlighted that it was extremely rewarding to note that Employers and Employees are taking advantage of this incentive since its inception in 2015.

“BAF will be the 28th employer to sign up for the scheme which would benefit the employees in terms of tax-free dividend, potential growth and financial security.

“The investment plans are affordable and very flexible to meet the investment objective.”

Mr Chand congratulated BAF and said this is a testament of the organisation’s commitment to financially empower its workforce.

BAF’s acting chief executive officer Hillary Kumwenda said: “That this is a welcome initiative and provides another avenue for BAF staff to invest in long term savings and investment schemes.

“Once BAF staff opts for an investment product, it will endeavor to facilitate the smooth transaction between our employees and UTOF. BAF staff are encouraged to take advantage of this.”

About the agreement

Under the Agreement, BAF employees will be investing with UTOF without any associated transactional fees and charges.

The cost associated with the transfer of funds will be borne by UTOF.

To-date, UTOF’s investment portfolio exceeds $215 million and have 19,600 active investors which includes 3,900 young investors from various schools.

It is one of the major investment institutions in Fiji’s Capital Market with a market share of 65 per cent.

Feedback:  maraia.vula@fijisun.com.fj

 

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