A memorandum of understanding was signed this morning by the Fiji National Provident Fund (FNPF) and the Fiji Cooperative Dairy Company Limited (FCDCL), enabling dairy farmers to sign up as members. The MOU will allow up to 300 dairy farmers who are members of the FCDCL, to join the Voluntary Membership Scheme and start saving for their retirement.
FNPF CEO, Mr Viliame Vodonaivalu said, “the COVID-19 pandemic has really shown how important retirement savings is for Fijians and today, dairy farmers now have an opportunity to be part of the scheme and discover the benefits of setting aside funds for their future,” said Mr. Vodonaivalu
FCDCL CEO, Mr Kushmendra Prasad said that cooperatives should work with FNPF to onboard farmers.
“Other businesses have their employees joining FNPF so why leave the farmers behind. This will benefit farmers and also their families”, he said.
FNPF and FCDCL will collaborate to facilitate the registration and contribution payments for dairy farmers. FNPF will also conduct awareness sessions for farmers to provide them with the information that will empower them to make informed decisions regarding their retirement savings.
An amount approved by the dairy farmers, will be deducted by FCDCL from their gross proceeds and paid to their accounts as voluntary contributions.
The MOU is effective immediately.
Present at the MOU signing was FNPF CEO Mr Vodonaivalu, FNPF COO Mr Pravinesh Singh, FCDCL CEO Mr Kushmendra Prasad and FCDCL Company Secretary Mr Maciu Raikoso.