The Fiji National Provident Fund (FNPF) has announced a remarkable financial turnaround in its 2023 Annual Report, marking a positive net contribution of $100.3 million.
This comes on the back of facing two years of negative net contributions due to repercussions of the COVID-19 pandemic on the labor market.
Furthermore, the Fund continues to diversify its investment portfolio, resulting in assets exceeding $9.5 billion, demonstrating it’s commitment to optimal performance.
This is a result of strong financial and operational success, which contributed to a $521.7 million increase in member funds, reaching $7.5 billion.
Fund chief executive, Viliame Vodonaivalu expressed his gratitude for the collective efforts of the entire FNPF team and the continued support of its valued members, employers and pensioners.
“This year has been a remarkable journey, and we are proud of what we have accomplished together.”
“Our commitment to securing the financial future of our members remains unwavering, and we look forward to the opportunities and challenges that lie ahead.”
Other key financial highlights are as follows:
- members’ voluntary and additional contributions increased to $74.6 million, demonstrating confidence in FNPF’s overall sectoral performance.
- the Fund’s net income increased by 19.2% to $775.8 million.
- the declaration of the 7% interest rate for the fiscal year, with a total of $457.6 million distributed to member accounts.
- $441 million was paid out in withdrawal assistance to 52,375 members, aligning with the Fund’s hybrid strategy of meeting both retirement and pre-retirement needs.
