FNPF concerned over growing Suspense Account
The Suspense Account holds unidentified FNPF member funds that have not been claimed within the last 10 years. Member funds are transferred into this account, if there is a doubt at the data entry level due to the failure of employers to file proper employee documentation.
FNPF's Manager Employees Division Irene Singh told FNPF's latest newsletter that the balance in the Suspense Account currently stands at $5.5 million, which is about 2% of the amount targeted for collection.
She said as a result of some employers' inaction, workers are denied their privileges as members of the FNPF, and members do not get any interest if the funds go to the Suspense Account.
She said the Fund has used all reasonable means to get employers in line with very little results, thus the Fund has now put strategies in place to see that employers at fault are brought to task.
According to Singh, of employers who repeatedly neglect their duties, government is the largest habitual employer which constantly neglects to comply with their state imposed responsibilities.
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