Good news for Fiji National Provident Fund members as the FNPF Board has today declared an interest of 6% for the financial year ending 30th June, 2015, compared with 5.75% last year.
This will equate to an estimated $224.8 million being distributed to FNPF members’ accounts next Tuesday.
FNPF Board Chairman, Ajith Kodagoda says 2015 has been remarkable and one of the best years for the Fund in over a decade.
In a first for the Fund, this year’s interest is paid under the new interest crediting formula that was adopted in November last year. The formula ensures members get interest credited on their balance at the end of the financial year. In the past, interest was paid on the previous year’s closing balance.
Kodagoda says the 6% interest, which is tax free, closely matches the income earned from investment this financial year, after allowance for all costs of operating the FNPF.
Good news for Fiji National Provident Fund members as the FNPF Board has declared an interest of 6% for the financial year ending 30th June 2015 compared with 5.75% last year.
This will equate to an estimated $224.8 million being distributed to FNPF members’ accounts next Tuesday.
FNPF Board Chairman Ajith Kodagoda said 2015 has been remarkable and one of the best years for the Fund in over a decade.
In a first for the Fund, this year’s interest is paid under the new interest crediting formula that was adopted in November last year.
The formula ensures members get interest credited on their balance at the end of the financial year.
In the past, interest was paid on the previous year’s closing balance.
Kodagoda said the 6% interest, which is tax free, closely matches the income earned from investment this financial year, after allowance for all costs of operating the FNPF.
FNPF’s Chief Investment Officer Jaoji Koroi said the current members’ fund purely accumulates members’ net contributions for their investments.
FNPF then credits interest from returns made on investment to members’ funds.
This means FNPF members now directly benefit from the investment made on their funds as part of the continued commitment to grow members’ savings to secure their future.
Notable achievements for the 2015 financial year include increased income from new investments like Vodafone Fiji Limited and offshore, continued growth in contributions, the commencement of construction of the Momi Hotel and the Greig Street development projects, and the opening of FNPF branches in Sigatoka and Nausori.
