The Fiji National Provident Fund has recorded a total assets’ portfolio of $8.7 billion at the end of its 2022 Financial Year.
This is compared to $8.2 billion recorded for the previous financial year.
This was highlighted in its 2022 Annual Report.
Net Income for the Fund stood at $650.8 million for 2022 compared to $543.5 million the previous year, while the Net Increase in Net Assets (available for allocation) recorded a $600.5 million compared to $496.6 million in 2021.
The Fund credited interest of $370.3 million at a six per cent rate to individual accounts for 2022 while for the same period in 2021; the Fund deposited a $302.8 million as credited interest at a five per cent rate each.
The General Reserve Account stood at $1.7 billion for 2022 compared to $1.5 billion for 2021.
Member Funds (excluding RIF and SDB) stood at $6.7 billion and contributions recorded for 2022 were a total of $395.2 million.
Total benefits paid out to members during the year totalled a $467 million.
FNPF’s Board Chair Daksesh Patel says despite the challenges brought about by the reduction in contribution rates and subdued economic activity, the Funds’ achievement has been quite remarkable.
Patel said the Board is cognisant that while the economy is recovering, we now have to deal with fresh challenges.
“The impact of the Ukraine-Russia conflict has sent ripples through the global economy and the cost of living and inflation is at an all-time high,” Patel added.