FNPF declares 6.75 per cent interest

THE Fiji National Provident Fund has credited $1.37 billion in interest to its members in the past five years, says chief executive officer Jaoji Koroi.

About 379,000 members with positive balances are going to have their accounts credited on Sunday with the new balances becoming effective from Monday July 1.

According to the Fund, this means that when members wake on Monday, July 1, 2019, they will do so to new balances after an annual interest rate of 6.75 per cent was declared for the financial year ending June 30, 2019.

“FNPF members are accumulating their balances faster from interest than their net contributions. Last year, FNPF declared 6.35 per cent interest totalling a boost to member balance of $297million,” Mr Koroi said.

“Regardless of what you may have heard in the media and other forums, let me assure the members that the fund is in a strong financial position,” he added.
The amount that each member gains will depend entirely on their average balance during the year.

“Quite a few of our members have understood this and have repaid the funds they have withdrawn through the years so that it boosts their total savings, earning them more interest in the process.”

More details in tomorrow’s edition of┬áThe Fiji Times.

 

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