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Businesses registered with the Fiji Commerce and Employers Federation (FCEF) have welcomed the Fiji National Provident Fund’s decision to reduce the employer’s contribution by five percent until year-end.
The decision by the Ministry of Economy will guarantee a return of an estimated $130 million (US$65 million) in the employers’ accounts.
The step was taken to cushion the impacts caused by COVID-19 on businesses.
FCEF Chief Executive Kameli Batiweti believes the strategy is an effective tool to enable businesses to sustain their operations and cash flow.
“Because that has allowed them to save some cash to be able to use that cash in other areas like keeping the employees employed without having to release them. So that 5% is a great injection for our members. And we would like to encourage FNPF to please keep it there for a while until we get out from the effects of this pandemic”.
A recent survey by the Federation shows that over 90 percent of enterprises are benefiting from the government’s stimulus COVID-19 package.
Executive Officer Victoria Yee says this in particular with the reduction of fiscal and export excise duty.
“Some of the responses we got from the survey as well as the 300% tax reduction who pay their employees for self-quarantine under the directive of the Ministry of Health that was one of the positive responses from our members. VAT exemption on certain items and also some businesses for export deduction increase to 60% from 2020 to 2021 and 2022”.
The FNPF has also approved an additional employer’s relief package which consists of a waiver of penalties, time payment arrangements, relaxation of third party payments, and reduction on requirements for Departure Prohibition Orders.
SOURCE: FBC NEWS/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media