75% Of FNPF Members Have Below $10K
Over 75 per cent of existing Fiji National Provident Fund members have balances below $10,000 while only four per cent have balances above $50,000.
This was revealed by FNPF chief operating officer Jaoji Koroi while making submissions on their 2015 Annual Report before the Standing Committee on Social Affairs at Parliament yesterday.
Mr Koroi said there were still a lot of members with very low balances, a strategic issue which the FNPF continued to face.
“This is a huge dilemma that we need to address.
“Twenty-seven per cent of this is in the age of above 45, which means there are very little we can do to ensure that they retire with an adequate balance to look after them,” he said.
Mr Koroi said this had been addressed primarily by preserving 70 per cent of members balances.
Edited by Maraia Vula
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