- March 26, 2009
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund Board has assured members that essential withdrawal grounds currently accessed by members will remain under the revised guidelines.
Board Chairman, Mr Parmesh Chand, says the withdrawal guidelines have been streamlined and not eliminated as claimed.
“The Fund has revised the amount allowed for each assistance, eligibilities to be used, and restricted these to member’s immediate family only,” Mr Chand said.
“This has been done to limit pre-retirement withdrawal applications by members to ensure that they save enough money for retirement,” he said.
“The Fund reiterates that it is a retirement fund and therefore, should not be seen as an institution that is obligated to fund members’ social needs,”
Some of the policy changes announced this week include;
Local Education Assistance:
oThe member, his spouse, children and siblings can be assisted. Previously, the siblings’ children were also assisted.
oNow restricted to use of Education eligibility only. In previous years, members could also access their Housing and Partial eligibilities for this assistance.
oMaximum of $2000 per semester per child; no limit in previous years.
oAccommodation costs under this scheme have also been benchmarked to USP’s small room charge from the medium room charge in previous years.
oShort courses that are less than 90 hours will no longer be assisted.
oMember is allowed to access this for self, spouse, parents and children. The previous policy allowed the member to also assist siblings and sibling’s children.
- Revised to a maximum of $1500 from $2000.
- The scheme has also been streamlined to assist only the spouse, parents, children and siblings of the member.
- The revised policy changes come into effect on 6 April, 2009 with further amendments envisaged progressively.
For more information, please contact:
Manager Public Relations & Corporate Communications
Ph: 323 8459 or 999 8104