NEWS

Cash Boost For Young iTaukei

More than 30,000 iTaukei landowners who are minors are to have the lease monies owed to them invested, with funds available for access by them at the age of 18.
29 Jul 2016 09:53
Cash Boost For Young iTaukei
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More than 30,000 iTaukei landowners who are minors are to have the lease monies owed to them invested, with funds available for access by them at the age of 18.

The iTaukei Land Trust Board (TLTB) is depositing $12.5 million in trust for 30,634 young landowners registered in the Vola ni Kawa Bula.

The amount currently held in trust differs for each young landowner and ranges up to $99,000.

The interest earned on the amount held in trust will boost these savings and provide beneficiaries with a valuable nest egg when they turn 18. When the time comes, the Government will also provide them with proper advice to manage the funds most effectively.

The Prime Minister and chairman of the TLTB, Voreqe Bainimarama, described the move as an important breakthrough in the Government’s continuing effort to ensure that lease money from native land was distributed fairly and equally and empowers individual beneficiaries.

“Rather than just spending lease monies as they come in, we are encouraging a culture of savings and investment among the iTaukei that is certain to transform their prospects and guarantee a more secure future. When these young people reach voting age, they will be able to access a lump sum that has accumulated on their behalf. And if they use the money wisely, it will be a powerful springboard into adulthood,” he said.

He said TLTB investment opened up a range of opportunities for young iTaukei landowners.

“Not only will they be able to improve their overall standard of living, they will have the option to use this money to start a business. So it is also an important boost for our effort to develop an enterprise culture in Fiji.”

Mr Bainimarama said it was vital that when the beneficiaries turned 18, their money wasn’t squandered.

“We are relieving many parents of having to worry about their children’s future. But in return, I urge them to educate their children about how to manage their finances responsibly,” he said.

“My Government will make sure they get financial literacy training before they turn 18 and receive their money. We want this investment to set our young people up for life and give them opportunities previous generations of iTaukei never had,” he said.

He said he also hoped the initiative would encourage more iTaukei landowners to lease land that was currently not being used and was lying idle.

“I urge everyone to appreciate that the more land we lease, the more income we can receive,” the Prime Minister said

“So opening up more land for productive purposes in Fiji not only benefits our national development, it benefits all Fijians by creating more wealth and laying the foundation for a much more prosperous future, especially for our children in the years to come,” Mr Bainimarama said.

Feedback:  jyotip@fijisun.com.fj



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