Business

Invest: Civil Servants Urged

MARAIA VULA SUVA Government is working with Fijian Holding Limited to encourage its workers to invest in their future. This is made possible through the employee investment deduction scheme through
09 Aug 2014 10:07

FHL Fund Management Limited, general manager, Sowani Tuidrola (left) and Permanent Secretary for Finance, Filimone Waqabaca at the Ministry of Finance yesterday. Photo: JONA KONATACI

MARAIA VULA
SUVA

Government is working with Fijian Holding Limited to encourage its workers to invest in their future.
This is made possible through the employee investment deduction scheme through the government payroll facility launched yesterday at the Ministry of Finance.
Civil servants would now have a convenient way of purchasing units from Fijian Holding Unit Trust as an investment given that the ministry will now facilitate on their behalf.
Launching the scheme, Permanent Secretary for Finance, Filimone Waqabaca, stressed the investment was encouraged as it would indirectly foster a culture of savings within the workforce.
“We are helping you plan or prepare for your rainy days. And we all know in Fiji, the rainy days keep coming and seems endless,” Mr Waqabaca said.
“Given the types of spending lifestyle some of us have, savings or investments seems unattainable. So, the direct deduction from pay is a good beginning and should have a minimum impact.”
Making the deductions from salary is to ensure consistency and discipline.
Mr Waqabaca said this prevents officers from going all the way to withdraw monies from the bank before heading to FHL outlet to purchase the units.
This scheme with FHTU started two days ago, the second of which was on past Thursday which the ministry has seen good number of civil servants that have come on board for the scheme.
“Our records show that the deductions started with five employees which has now jumped to 147, an increase of almost 3000 per cent,” he said.
“At this rate government, will now play a major role in providing this convenient facility to help attain the target to increase the number of adult investors in the capital markets to 100,000 by 2020. This is as per the Capital Markets Development master plan 2020.”
Mr Waqabaca was encouraging Fijian Holdings Unit Trust to continue the good work of bringing to the civil service awareness and promotion on this investment scheme as together they can work together towards this goal.
FHL Fund Management Limited, general manager, Sowani Tuidrola, said: “We are thankful to government for taking us on board because we have been targeting government for the last three year.
“Civil servants can buy the units at 77 cents entry price and 73 cents exit price. At the moment more civil servants are just signing up.
“The growth is phenomenal for the number of civil servants buying shares. Currently there are 147 civil servants by the end of the month there would an increase of 300.
“We are aiming for all government statutory agencies/bodies to be part of the scheme.”
Feedback : Maraia.vula@fijisun.com.fj




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