AG clarifies FNPF pension reforms
13:12 Fri Mar 09, 2018
Taken from/By: FBC News
Report by: Ritika Pratap
An independent assessment prior to the reforms in the Fiji National Provident Fund revealed there would be no Funds left by 2056 if the Fund continued with its operations and the way it was paying out pensions.
Attorney General, Aiyaz Sayed-Khaiyum, says there was a lot of disequilibrium in respect of the percentage paid to various pensioners.
The AG was responding to Opposition Leader, Ro Teimumu Kepa’s question in Parliament if there was likelihood of FNPF making up to those pensioners whose pensions were reduced.
The AG says the changes only affected 1, 800 members.
All pensioners who were receiving below one hundred dollars previously now receive a hundred dollars per month.
“More importantly are those people whose voices are genuinely not heard. These are the people who have lowly paid wages and now when they would have retired in the past 20 years or 10 years or so – before the reforms they would have received seven dollars a month – today they receive at least a hundred dollars a month and that is what the reform actually fix up. And we now have sustainability in the Fund and FNPF will now have enough funds to go beyond 2056.”
Sayed-Khaiyum also stressed that the reforms were done to correct the financial position of the Fund and bring about more transparency.
Meanwhile responding to Opposition MP Ratu Naiqama Lalabalavu’s question on the FNPF deduction for parliamentarians above the age of 55, Sayed-Khaiyum said the Enumeration Act pertaining to the issue is for the parliament to decide through the respective committee.
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