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Increased deduction to benefit workers

 

Dec 31, 2014 01:32:56 PM

Increased deduction to benefit workers Fiji's National Provident Fund says the increased contribution to be paid by employers and any additional contribution from employees are part of efforts to boost benefits for members.

From tomorrow, employers will pay 10 per cent as mandatory contribution towards their employee’s retirement savings and compulsory members (those in employment) also have the option to choose to pay more than the mandatory eight per cent contributions from their wages.

For employers, it means they will adhere to the new contribution rate, starting with January 2015 wages, due end of February 2015.

Responding to queries, FNPF chief executive Aisake Taito says the additional contributions ensures members save more for retirement.

“Our core area of business, again this could not be emphasised enough and that is to ensure that our members have a decent income to live a comfortable retirement. The Fund therefore will continue to create opportunities for a secured future for our members,” Taito said.

For workers wishing to pay more, their requests will be assessed by the employer and FNPF to ensure that members are still within the financial commitment ratio as per the Employment Relations Promulgation.                                                                                                                                                             
The maximum additional contributions that a member can opt for, Taito says, is inclusive of  excess contributions; which is paid by some employers as part of employees benefit.

He further says members who will be deducting additional contributions towards their FNPF accounts will need to decide on whether these deductions are to be directed to their Preserved or General Account.

The General Account can be accessed for early or pre-retirement withdrawals whilst the Preserved Account is reserved for retirement

FijiLive

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