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Fiji Time: 12:04 PM on Sunday 21 September

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Decree sets age limit to 6

Ana Madigibuli
Tuesday, January 15, 2013

SIX-YEAR-OLDS can now become voluntary members of the Fiji National Provident Fund says chief executive officer Aisake Taito.

Speaking to members at the FNPF annual general forum yesterday in Suva, Mr Taito said they hoped to create a lot of awareness on the provisions in the FNPF decree which members need to understand.

"In terms of voluntary members, FNPF has made a reduction in age from 16 to six years this year," he said.

"For instance, six-year-olds can become members of FNPF. This means they can set aside funds if they wish to become a member. This initiative would encourage cultural savings.

"Another feature is that additional contributions to members' accounts are now allowed to supplement the current 8 per cent from members.

"It is tax free and we will allow members to do it so that when members retire they have more monthly income." He said part of its reform next year is the establishment of two accounts for members.

"The two accounts will be called a preserved and general account. The preserved account comprises 70 per cent of members' savings which is strictly set aside for retirement. The other 30 per cent will be in general accounts which members can access for pre-retirement withdrawals."

Mr Taito said the two accounts were for members who had yet to retire.

He said first time home buyers could access their preserved accounts.

More details on FNPF projects this year would be released in a few months, Mr Taito said.


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