FNPF declares six per cent interest for FY2008

The Fiji National Provident Fund Board has declared a six (6.0) per cent interest rate pay-out, amounting to $131.12 million to its members for the financial year ending 30 June 2008. FNPF Chairman Mr Taito Waqa said this has been credited to 261, 970 members’ accounts on 30 June 2008.

Mr Waqa said the six percent declared is double what the commercial banks are offering to their clients as annual retail deposit rates.

“Considering the current state of the economy, the interest declared is not only generous but a positive return to members’ funds,” Mr Waqa said.

“Since its appointment in 2007, this Board has committed to strengthening the Fund’s investment capacity through prudent management of members funds, ensuring maximum returns.“

Furthermore, the Board also approved an increase in the Special Death Benefit (SDB) cover by $500 to $8,500 from the previous amount of $8,000 in 2007.

Correspondingly, the premium increases by $5 from the previous $30 to $35.

Mr Waqa assured members that the Board, staff and management are committed to the growing members’ funds and ensuring that it is protected for their financial security upon retirement.

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