- June 23, 2017
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The FNPF has urged members to register for Additional Contributions to boost their retirement savings.
Since its introduction in 2015, 105 members have registered for additional contributions, which allows FNPF members to contribute up to 12% of their gross wages to top up the mandatory contribution of 8%. A majority of the 105 members are younger members.
“All members, regardless of their age, can take advantage of this product to allow them to save more for their retirement or for other benefits that they may wish to access,” said the Fund’s Chief Operating Officer, Mr. Jaoji Koroi.
“We encourage our members who have a lot of disposable income to opt for Additional Contribution and pay as little as 1 per cent.
“Unlike the mandatory 18 per cent contribution which is split towards your Preserved account (70% and your General account (30%), our members have the option to choose which account the additional contribution goes to.”
“For example, if you have set a goal to purchase a property or if you wish to ensure that your children are able to attend university later on then you can direct your additional contribution to your General account as you will access this before you retire.
“Of course, those choosing to put away additional savings for retirement, can choose to have these allocated to their Preserved account or they can split it between their Preserved and General account.”
Current statistics reveal that 75 per cent of FNPF members have balances below $10,000.
For more information contact email@example.com