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Too Many With Too little, Says FNPF

  About 56,000 people above 50 years of age have less than $10,000 in their Fiji National Provident Fund accounts. The Fund’s chief operating officer, Jaoji Koroi revealed this in
28 Jan 2017 12:00
Too Many With Too little, Says FNPF
Some members of the Fiji National Provident Fund during the annual member forum at the FNPF office in Suva on Thursday. Photo: IVAMERE NATARO

 

About 56,000 people above 50 years of age have less than $10,000 in their Fiji National Provident Fund accounts.

The Fund’s chief operating officer, Jaoji Koroi revealed this in his 2016 financial presentation at the FNPF annual member forum on Thursday.

The forum, the first of four, was held in Suva.

Mr Koroi said the lack of funds was a concern because such an amount did not accumulate much to their retirement.

“As of June 30, 2016, a total of 75 per cent (304,318) of our members have balances below $10,000.”

He said last year recorded an increase in withdrawal and a decline in members’ contribution.  This, he said, was because of the withdrawals during the aftermath of Tropical Cyclone Winston.

“A total of 182,571 applications were processed with a total of $275.5 million paid to members,” Mr Koroi said.

Mr Koroi said the forum was vital because it informed members of the status of their accounts and to also gather feedback from them. He highlighted the fund’s plan on the diversification of investment to growth and offshore, refocusing purpose of social security, improving corporate culture and going digital.

He said they would soon be introducing member kiosks and a mobile platform where members would be able to see details of their account.

The forum will be held at the Nadi Civic Centre at 5pm on February 2, FNPF Lautoka office at 5pm on February 3, and the FNPF Labasa office at 10am on February 11.

All members, pensioners and employers are invited to attend.

Edited by: Farzana Nisha

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