- February 9, 2018
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund has clarified several issues pertaining to the new Withdrawal Guidelines which came into effect on 1 February, 2018.
This follows misunderstanding on the qualifying conditions for the full withdrawal for small accounts and early withdrawal for unemployment assistance.
FNPF’s Chief Operating Officer Jaoji Koroi said some members have not fully understood the rationale for these changes and have misinterpreted the requirements.
“While members have appreciated the changes, some have misinterpreted certain withdrawal conditions, which led to some confusion,” said Mr. Koroi.
To qualify for Small Account withdrawal, members must:
- Be between 50-54 years of age:
- Be unemployed for three years (from the date of application)
- Have a balance of $5,000 or less.
Mr. Koroi said the entitlement for Unemployment Assistance of $2,000 is for social protection, and have been extended to cover local seasonal workers.
However, the assistance does not cover overseas contractors such as those who work for overseas security firms, as they have not been contributing to their account.
“FNPF publicized these changes and conducted the necessary awareness, however, we will carry out more engagement sessions to ensure members fully understand the new withdrawal guidelines.”
Most of these changes will upgrade the level of benefits to the market and ensure that they are relevant. FNPF implemented the withdrawal guideline changes after receiving numerous requests from members during the Annual Member Forum.
Changes have been made to the Full Withdrawal Guidelines for retirement, medical incapacitation, survivorship, migration and further payments.
Under the Early Withdrawal Guidelines, there have been changes to education (local and overseas), medical (local and overseas), funeral and housing.
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