NEWS

208,109 Itaukei Children Benefit From Lease Money

In 2018, a total of 52,729 beneficiaries had a total trust fund of $39,175,641 that was held in the trust,
17 May 2022 12:45
208,109 Itaukei Children Benefit From Lease Money
Prime Minister Voreqe Bainimarama Photo - Leon Lord

A total of 208,109 iTaukei children below 18 years old of landowning units will benefit from a total payout of $202,547,427 in lease money.

The money is held in a trust fund with HFC Bank.

This was made possible through the amendment of Section 14 of the Native Land Trust Act (Cap 134) made by the Government on December 31, 2010 to cover the provisions on the distribution of land rent and premiums to landowners.

Since the amendment, Prime Minister Voreqe Bainimarama said the equal distribution system of lease money had benefitted a greater number of landowners including those under the age of 18.

From 2017, children’s funds were invested with HFC Bank with the intention of earning returns, he said, adding that the returns (principal and interest) were payable to members once they turned 18.

In 2018, a total of 52,729 beneficiaries had a total trust fund of $39,175,641 that was held in the trust,

In 2019,  the 54,911 beneficiaries had $49,416,895 in the trust,

In 2020,  54,766 beneficiaries had $61,857,076 in the trust, and

In 2021, 45,703 beneficiaries had $52,097,815 held in the trust.

“The decision by my Government to introduce the Equal Distribution of lease money (rent and premiums) to all living members of a Mataqali has been a notable initiative that has assisted a number of beneficiaries,” he said.

“It has also relieved the burden from parents to fund the future educational expenses for their children.

“Various investment opportunities and aspirations have also opened up for young children and youths (both girls and boys) to pursue empowerment programmes for their future growth and development.”

Feedback:  fonua.talei@fijisun.com.fj

 



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