FNPF has the capability to pay-out its members
Report by: Rachael Nath
Economy Minister Aiyaz Sayed-Khaiyum revealed that the Fiji National Provident Fund has more than enough funds to pay out all its members if they cease operations today.
Sayed-Khaiyum says the FNPF’s total asset currently stands at five point seven billion dollars which is more than sufficient to cover the member pool amounting to four point eight billion dollars.
The Minister was responding to a question asked in Parliament about the current financial status of FNPF and members funds.
Sayed-Khaiyum reiterated the reforms introduced at FNPF has played a key role to secure a good financial status.
However, Opposition MP Viliame Gavoka did not settle with this claiming the Fund has failed miserably.
“We also know that it has failed miserably in its charter to provide meaningful pension to people therefore they have failed in what they set out to do.”
Sayed-Khaiyum says it is obvious that Opposition is choosing to politicise the performance of the FNPF.
“It is quite extraordinary that because of their political expediency they want to debunk the reforms when everyone else is expecting it. Here is a Fund that is completely Fijian owned, here is a fund that is owned by the members of the formal employment sector of Fiji – it is the ordinary Fijians who own this Fund.”
Sayed-Khaiyum says FNPF holds close to thirty eight percent of Fiji’s cash reserve.
He adds it is one of the largest investment organizations in Fiji thus its financial status remains sound.
The Minister adds the FNPF has collected over one billion dollars from its members in the last five years.
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