- January 31, 2020
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund will suspend processing fees for all early withdrawal assistance, effective from 1 February 2020.
This latest move by the Fund aims to provide some financial relief for members when accessing their savings for early withdrawal assistance.
“We understand that members need to access their FNPF savings to meet their social security needs such as housing or education. Suspending these fees will ease the process for them and their families”, says FNPF Chief Executive Officer Mr. Jaoji Koroi.
In 2017, the Fund had reduced processing fees from $20 to $10 for all early withdrawal assistance and housing withdrawal fees was reduced from $200 to $50-$100. The Fund reviewed this decision recently and decided to remove the fees altogether, given the feedback from members’ and the Fund’s drive to be more responsive to members.
“We are listening to our members more and we know that the processing fee issue is constantly being raised during our Annual Member Forums, especially the housing fees. I am therefore pleased to announce that the Board has approved the removal of all early withdrawal processing fees effective from 1 February”. Mr. Koroi added.
Despite the lifting of all withdrawal processing fees, the Fund requests members to be mindful of their pattern of withdrawals.
“The Fund has never restricted members from withdrawing their funds. However, members need to understand that every withdrawal, will deplete their funds and in turn affect their balance when they reach retirement”, Mr. Koroi advised.
The cessation of processing fees includes all early or partial withdrawal grounds (Education, Medical, Funeral & Unemployment fee $10) as well as for Urban and Village Housing withdrawals ($50-$100).
Members will no longer have to pay these fees when accessing their funds for early or partial withdrawal assistance.