- July 7, 2020
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fund has disbursed its second fortnightly payment for Phase 2 of the COVID-19 Withdrawal scheme today to 21,238 members amounting to $4.7 million, of which $2.6 million was the Government top-up portion.
Of these members, 5,318 are receiving their first instalment of $220.
Chief Executive Officer Jaoji Koroi said the number of applications received so far is lower than expected.
“We have noticed a low take up in terms of the new applications received in Cycle 2 which may be attributed to a few factors such as members returning to work, some may be in remote areas with no contact orsome have found other means of income. We also feel that some members may be more conscious of theimportance of not withdrawing their retirement savings”.
“Whatever the case, we plead with employers to assist their employees (current and former) during thisperiod”, Mr Koroi said.
Approximately 650 members’ applications are still pending a decision with their Employers and have missed the deadline for Cycle 2. The Fund has a dedicated team that is following up on these applications and onceapproved, will be paid in the next payment cycle.
Mr Koroi also confirmed that banks will not deduct loan repayments from any FNPF payments for the COVID-19 Withdrawal scheme.
“We acknowledge the support of the Association of Banks for Fiji and hope that they will continue to work with us by easing repayment arrangements for our members during this difficult period”, Mr Koroi said.
Mr Koroi added that the Board continually assesses the needs of members impacted by COVID-19.
“We understand the difficulties that majority of our members are going through now. Whilst the Fund is there for their retirement, we must also assist in meeting their immediate needs, within the provisions of the law”.
The third payment cycle will be on 21 July and the deadline for new applications is 17 July.