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The Samoa National Provident Fund, (SNPF) members can expect their annual dividends and bonus at nothing less than 8 percent of their total contributions starting this year.
The new minimum threshold was announced this week by the SNPF Executive noting that it reaffirms the Fund’s priority to maximise benefits for its members and contributors.
Under the SNPF law, the Fund is mandated to pay an annual bonus to contributors of not less than four percent at the end of the fiscal year.
But in the last ten years, the minimum required by law was surpassed with annual dividends paid out averaging 7percent to 8 percent.
However, in 2018, the SNPF set a new record with its ten percent bonus paid to contributors for a total of over $53 million (US$20.3 million) injected into the local economy.
Meanwhile, the Samoa National Provident Fund have announced concessions for businesses to allow a smooth transition while they adjust to the mandatory increase for SNPF members’ contributions to the Fund.
The SNPF will waive the penalty fee for late payments of contributions and will allow partial payments, so the business community can adjust to the increase, which comes into effect in July.
SNPF Chief Executive Pauli Prince Suhren says that Government, through the Fund’s Board and Management, are not blind to the crucial role of and contribution by the Business Sector to the development of the local economy.
Pauli and the Samoa Chamber of Commerce met this week to discuss the increase, amongst other issues.
SOURCE: SAMOA GOVT/PACNEWS
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