FNPF declares 5 per cent interest; $286m to be credited to members’ accounts

A large crowd lines up in front of the FNPF Downtown Boulevard building in Suva for the COVID-19 assistance early this year. Picture: RAMA/FT FILE

The Fiji National Provident Fund has declared an interest rate of 5.0 per cent for the financial year ending June 30, 2020, despite facing a tough investment and operating environment.

FNPF chief executive Jaoji Koroi announced today that this would lead to $286.2million being credited to more than 388,071 members’ accounts at midnight tonight.

“Therefore, the Fund has now paid over $1.43billion in interest to members’ accounts over the past five years,” Mr Koroi said.

“The amount that each member gains will depend entirely on their average balance during the year but they must have a positive FNPF balance.

“Last year, when we declared the interest, we had clearly advised members last year that the interest declared was reflective of the one-off revaluation gains recorded in the account’s last financial year, and the rate would normalise this year.”

Mr Koroi said the 5 per cent declaration was a result of the impacts of the economic downturn caused by COVID-19.

Read more in tomorrow’s edition of The Fiji Times.

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