- March 7, 2017
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund is currently conducting a restructure, which is the last element of the FNPF Reforms which began in 2010.
These reforms were implemented to address the Fund’s long-term sustainability and to ensure the Fund remains relevant, compatible and sustainable for its members.
Some of the key structural reforms that have been completed include:
- New FNPF Act 2011, with improved governance framework and modern scheme designs to ensure that the Fund is managed in line with international best practices.
- Pension Reform to ensure the pension fund is equitable, fair and sustainable for our current and future members. These included the adoption of a new actuarially-sound pension scheme, the separation of the pension business from members’ business with proper solvency requirements.
- Rehabilitation of Investments to ensure a steady return on all of the Fund’s investments inclusive of non-performing assets. Some of the projects that have been rehabilitated successfully include the Grand Pacific Hotel, My FNPF Center, Natadola residential land sales and the Marriott Fiji Resorts at Momi Bay.
- New IT System to ensure that the Fund has a system which complies with its legislative functions and provide excellent customer services using the e-platforms.
- Organisation Restructure to right size and streamline the Fund’s human capital to support the above-mentioned reform measures to ensure the Fund and its people performed to their optimal best.
The key objectives of the FNPF Restructure is to:
- Ensure that the revised structure fully caters for the mandated functions and responsibilities of the Fund under Section 6 of the FNPF Act 2011;
- Improve customer service delivery;
- Maximize the full benefits of the Fund’s new Management Information System (PROMIS);
- Uplift the Intellectual Capacity of the Fund to better address its core role of social security;
- Use the restructure as a platform to enhance a performance driven culture;
- Explore a flatter structure where value-added decisions are made in a timely manner.
The Fund is mindful that this process involves our people. Thus, it has adopted a participatory approach, driven internally. Staff have been fully engaged and informed of what the restructure entails inclusive of the methodology, scope, outcomes and timelines.
The FNPF Board approved the new structure in its meeting in January, with a total manning level of 430 from the current numbers of 480. The Ministry of Labour has been notified and due process of consultation with the staff union and the Fiji Bank Employees Union have been made.
Affected positions have been advertised internally only, to allow staff to apply for their current positions or other new positions that are on offer. Recruitment of the ‘best fit’ is critical, and FNPF is using a recruitment process that is fair and equitable. Training and counselling services are being provided to all staff regardless of their employment status after the restructure.
Redundancy payments will be made to those that are not re-engaged and the new structure should be in place by July 1st.