From January 1, 2024, the Fiji National Provident Fund will reinstate the contribution rate to 18 per cent, restoring it to the pre-pandemic rates for optimal retirement savings.
In its commitment to operational excellence and member centric initiatives, the Fund will also introduce new products such as the Draw-Down Account, which provide members a flexible retirement planning option and secured government guarantees for Retirement Income Fund (RIF) and enhance its education assistance based on member suggestions, offering professional development courses.
With the Government’s help; the Fund further intends to amend the FNPF Act to allow for international expansion and open an office in Australia to facilitate superannuation services for Fijian migrant workers to build and access their retirement savings.
Chief executive Viliame Vodonaivalu said building on the Fund’s continued membership growth, the 2023 financial year recorded 23,889 new members while also supporting 13,026 exits through entitlement withdrawals.
“We are committed to the Fund’s vision of securing the financial well-being of its members and we anticipate continued growth and success in the years to come.”
FNPF’s 2023 Annual Report was tabled in Parliament last week and will be presented to members during the Fund’s Annual Member Forum scheduled for early 2024.