The Fiji National Provident Fund (FNPF) Board has announced a credit interest rate of 7 per cent or the 2023 financial year.
This means that an estimated total of $449 million will be credited to around 405,000 members FNPF accounts tonight.
The amount of interest that each member earns depends on their average daily balance.
FNPF chief executive Viliame Vodonaivalu while making the announcement said the increase in the crediting rate this year is a reflection of their confidence in the strength of their investment portfolio.
“It is also a reflection of our commitment to delivering value to our members. We understand that saving for retirement is a long-term commitment and we want to ensure that our members have the best possible returns on their investments.”
“In the past six years the Fund has now paid over $2.06 billion to members.”
“We are proud to offer this rate to our members and it has been almost 24 years since the Fund declared a similar crediting rate.”
He said Government bonds continue to work well for their investments and as with previous years, it makes up a substantial amount of our returns.
“The tourism industry, as you are aware, has recovered remarkably, with many members returning to full employment as a result of the increased tourist numbers.”
He added that the restoration of FNPF contribution rates to 18% – that is 8% for the Employee and 10% for Employers will grow member balances towards a retirement income they want.
“More contributions mean more investments and ultimately, more returns – which means positioning you for a financially secured retirement.”
