The Fiji National Provident Fund has announced major changes to its Partial Withdrawal Policies.
In a statement, FNPF CEO Aisake Taito said the review is part of the current reforms being undertaken at the Fund aimed at strengthening and adding value to the retirement benefit of its members.
Taito said the partial housing policy review will allow members to purchase agricultural property, own properties with more than two flats, reduce home loans, also members who were previously assisted with village housing to purchase a house in the urban centre.
Taito said this also applies to assistance in acquiring another property without repayment of the previous transfer if the first property assisted by FNPF was sold under mortgage sale, and withdraw funds to pay fees to Fiji Public Trustees Corporation Limited for those inheriting properties administered by the Corporation.
Taito revealed these changes are effective immediately.
Other benefits also announced today to become effective on 1st January 2011, include the repayment of partial withdrawal, where members can opt to partially or fully repay partial withdrawals taken from members account since July 1995 to increase their retirement balances.
Members who are 50 and above, unemployed for three years with balances of less than $2,000 can fully withdraw from the Fund, under the Full Withdrawal Small accounts, and this is also effective from the 1st of January 2011.
Another benefit announced includes the payment of Special Death Benefit for Funeral Expenses.
This assistance according to the FNPF allows partial payment of up to a maximum $2,000 from the Special Death benefit of the deceased members account to cater for his/her funeral.
From 1st January 2011, Funeral Assistance of up to $1,000 will only be given to the next of kin of those members that are not eligible for Special Death Benefit.
A one-off withdrawal of up to a maximum $2,000 subject to eligibility for those terminated from their jobs after continuous employment for two years will also come into effect on the 1st of January 2011.
Story by: Ana Naisoro
FNPF announces major changes to Partial Withdrawal Policies
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