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Save Wisely, Plan For Future, FNPF Chief Urges Members

“I think the reassurance that we have given to members is the strength of the fund and the size of the fund itself is a comforting factor for them.
08 Dec 2021 10:08
Save Wisely, Plan For Future, FNPF Chief Urges Members
Fiji National Provident Fund (FNPF) members who were present at the FNPF member forum at the RSL Club in Lautoka.

If there is any advice we can give, it is to save and plan ahead for things.

This is the advice rendered by the Fiji National Provident Fund (FNPF) chief executive officer, Viliame Vodonaivalu.

Mr Vodonaivalu said it was obvious that we were in unprecedented times and now was the time to plan for the future.

He said the advice also pointed to youths who were yet to become members of the fund.

“This is the only support fund in the country, we don’t have any social security; this is it for the members,” he said.

“I think the reassurance that we have given to members is the strength of the fund and the size of the fund itself is a comforting factor for them.

“For us, one thing we have to learn is that we have to be looking for the future in whatever we do and the retirement fund is specifically for retirement.

“Financially we have to plan for education, for your marriage and plan for when you die.”

He encouraged youths to join the fund as soon as they turn 18 years.

“The early you join, the better for you and when you reach the age of 18 you plan your life cycle well that your fund is for retirement so that is put aside so you don’t touch it until you are 55, the more you save the more you will get,” Mr Vodonaivalu said.

 

Housing

He said all members had the right to access 51 per cent of their funds for housing purposes.

“There is a mandatory saving under the law for FNPF so it is required by law from your salary, but there is an additional contribution,” he said.

“So, the thing is, you have the right to contribute more, so if you have savings in the bank, you can redirect it to FNPF, you can top up that amount there is no restriction on the amount.”

Feedback: nicolette.chambers@fijisun.com.fj

 

 



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