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$600m cash balance: Members’ funds are safe, says FNPF
02:05 am GMT+12, 31/07/2020, Fiji

The Fiji National Provident Fund (FNPF) says it is financially stable as it starts to roll out its third phase of COVID-19 assistance next month.

FNPF chief executive officer Jaoji Koroi said the fund had about $600 million (US$300 million) cash balance.
 
“That is just cash and we have other assets. So we are doing this assistance to help our members in their time of need,” oroi explained during a media conference in Suva this week.
 
He said COVID-19 was far from over and the fund was expecting these economic challenges to continue well into next year.
 
“As announced during the national budget, members’ and employers’ contributions will remain at five per cent each or a total of 10 per cent until December 31, 2021.
 
“We encourage employers to take advantage of the tax incentive for any additional employer contribution paid, if manageable.
 
“That is to pay more than the mandatory five per cent contribution and claim 150 per cent tax deduction or pay. “The fund has also activated several measures to assist employers through these tough times.
 
“These measures are more about getting employers to commit to their superannuation responsibilities through the provision of amnesty measures,” he said.
 
“Overall, the fund continues to monitor the situation to ensure we make prudent decisions pertaining to the management of members’ funds.”
 
Koroi said the funds were safe and encouraged members to get the correct facts from FNPF rather than listening to all the “chatter aimed at causing fear and uncertainty.
SOURCE: FIJI TIMES/PACNEWS


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