The Fiji National Provident Fund has carried out reviews on the benefits to members and has decided to change a few of its policies that will now see the children and extended family of FNPF members benefitting.

In making the announcement this afternoon, CEO Aisake Taito revealed that taking into account the current economic challenges and also the increased reliance of members on the Fund, these reforms will take place within the next twelve to thirty six months.

Effective from the first of September 2010, we will see the processing fee for partial withdrawal reduced by fifty percent which will mean that members will no longer have to pay $20 but $10.

Taito said for partial withdrawals, while there are a total of seven grounds for withdrawals, they have extended the scheme to now include education, Housing and medical care.

Other changes will see the removal of the ceiling of $2,000 for local education per student per semester, the extension of cover for medical benefits to a member's brothers and sisters as in previous practices it would only cover the members spouse or immediate family members.

Another change also announced today is the Special Death Benefit to cover for members' funeral expenses, where a relative of the deceased who is a member will now be able to withdraw $2,000 from the members account.

In past practice, the onus would be on the relative to withdraw from their own account to cover for the funeral of the deceased. The special Death Benefit comes into force from the first of January next year.

Taito reveals that this will benefit members as well as boost their savings, adding that this will make their lives financially secure.

Story by: Paradise Tabucala