NEWS

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
13 Oct 2016 10:19
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

Feedback:  filipe.naigulevu@fijisun.com.fj



Five Square


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.


Covid 19 - SPC
Total
Subscribe-to-Newspaper
Fiji Sun Instagram
Subscribe-to-Newspaper