Fiji National Provident Fund Members balances will be boosted by the 6.35 per cent annual interest announced yesterday by the FNPF Board for the financial year ending June 30, 2018.
About $289 million will be credited to members’ accounts on Saturday night (30/6) and members should wake up to new balances on Sunday morning (1/7).
The Fund is also encouraging members to register on its various e-services channels to check their account balances.
Last year, the FNPF also declared a 6.35 per cent interest that resulted in $270m being credited to members’ accounts.
FNPF’s chief executive Jaoji Koroi said the interest had been declared after providing for the Fund’s solvency and has been signed off by the Fund Actuary in compliance with FNPF Regulations 41(4).
“The interest declared should be reassuring for the members as it continues to reflect the Fund’s strong financial position following the FNPF Reforms,” Mr Koroi said.
“It is also very competitive under the current investment climate.
“While the investment environment is an ongoing challenge, the Fund continues to pursue an active stance to optimise returns on members’ funds.
“It is also important for members to understand that the 6.35 per cent interest credited depends entirely on the balance of their account, taking into consideration movements during the financial year 2018,” he clarified.
A new interest system has been in place since November 1, 2014. Members can view their balances through the FNPF online services such as the MyFNPF mobile app and the MyFund SMS service.
“The MyFNPF mobile app allows members to check their account transactions,” Mr Koroi said.
“So, when you notice that your contributions have not been updated you can check with your Employers or even check with us.
“The MyFund SMS service allows members to also check the last five transactions in their accounts.
“Then there is the Member Portal, which also gives you access to your account.
“All these services have been introduced to engage and empower our members to be better acquainted with their FNPF savings.”
The Fund will also distribute updated member statements through their employers soon.