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$346 Million To Be Credited To FNPF Members

“The rate of 6.75 per cent means that $346 million will be credited to over 379,000 members (with positive balances) and will be credited to their FNPF accounts on June 30 (tomorrow).
29 Jun 2019 15:28
$346 Million To Be Credited To FNPF Members
Fiji National Provident Fund chief executive officer Jaoji Koroi

The Fiji National Provident Fund (FNPF) has declared an increase in the annual interest rate of 6.75 per cent for the financial year ending June 30, 2019.

This will come into effect on July 1, 2019.

FNPF chief executive officer Jaoji Koroi said this would mean that $346 million would be credited to over 379,000 members.

As compared to last year where FNPF declared 6.35 per cent interest totalling members balance of $297m.

Mr Koroi added this would be the highest amount ever credited, doubling what was credited five years ago.

“In recent years, the interests declared have been a testament of the positive flow-on effect of the FNPF reforms and commitment by the board, to continue to grow members’ funds,” Mr Koroi said.

The declared interest rates have been on a stable trajectory for the last 10 years.

“The rate of 6.75 per cent means that $346 million will be credited to over 379,000 members (with positive balances) and will be credited to their FNPF accounts on June 30 (tomorrow).

“In the last five years, the Fund has credited $1.37 billion in interest to its members.

“The increase in rate this year reflects the one-off revaluation gains recorded in the accounts last financial year and some are also expected this year.”

MyFNPF App

Mr Koroi is urging members to utilise the FNPF’s digital services to track their savings.

Members can do this by downloading the MyFNPF App on their mobiles via Google Play Store or the App Store as well as the other FNPF digital services (Member Portal, myFUND SMS) to be able to check the change in their retirement savings balance, following the interest crediting period.

“These e-services also allows members to track their contribution payments and ensure it is paid on time, especially since interest is calculated daily,” he added.

Members are also encouraged to register for the e-services in order to receive their updated statements.”

Special Death Benefit (SDB)

Mr Koroi also confirmed that the Board has retained the Special Death Benefit (SDB) of $8,500 for 2020 at a premium of $35, to be deducted from members’ accounts on July

Feedback: karalaini.tavi@fijisun.com.fj

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