The main problem in for Fiji retirement is that there is no law to protect the Fiji National Provident Fund, claims a leading trade unionist.

Fiji Trades Union Congress national executive board member and National Union of Hospitality Catering and Tourism Industries Employees general secretary Daniel Urai has told the FNPF 2011 Act review committee in Lautoka that a law needed to be put in place to ensure that the FNPF and its members are protected.

“Whenever something happens, a new government comes in — they will tell FNPF to remove all their investments abroad,” Urai said at the hearing on Friday.

• READ MORE: Other Fiji National Provident Fund reports

“And that has an effect on the FNPF investment. So, I hope you will find a way to put in a law that no one just comes and directs FNPF to remove all its investments, and that has happened in the past.

“And I hope you can look at ways to ensure that it does not happen.

“Because every time that happens, FNPF loses, and the returns are not what is expected.”

Fiji Trades Union Congress national secretary and FNPF 2011 Act review committee member Felix Anthony claimed the government had interfered with FNPF’s overseas investments in 2007.

Withdrew investments abroad
“Soon after the coup, the government, actually through the Reserve Bank of Fiji (RBF), suggested that FNPF withdraw all its investments abroad,” Anthony said.

“Just so that they keep the Fijian dollar afloat, and that actually affected FNPF income and had some financial ratification on the FNPF bottom line.

“There was some consideration given whether the RBF itself should compensate FNPF for that directive, and nothing eventuated, of course, because the government had a stronghold at that time.”

The Fiji National Provident Fund is conducting a comprehensive review of the FNPF Act 2011 to ensure the law is modern, effective, and continues to meet the retirement needs of Fijians.

The public consultation continued at the Labasa Civic Centre today and will be in Suva tomorrow.

Republished from The Fiji Times with permission.

The retirement age in Fiji is now 60 but people can withdraw their superannuation savings when they turn 55, says Prime Minister Sitiveni Rabuka.

He said this in response to queries from the media in Suva.

People who were leaning towards retiring at 55 posted concerns on social media platforms after the government recently announced it had extended the retirement age to 60.

The Prime Minister said the decision to withdraw Fiji National Provident Fund (FNPF) savings at 55 or 60 was entirely up to each individual.

“Fifty-five is the FNPF age,” Rabuka said.

“They can receive some of it or they can take it out at 55 — or if they want to leave it in until 60, they can do that.”

While addressing the Nadi Chamber of Commerce and Industry recently, Deputy Prime Minister Viliame Gavoka said that increasing the retirement age from 55 to 60 would help stem the “brain drain” of qualified and experienced Fijians for opportunities abroad.

Felix Chaudhary is a Fiji Times reporter. Republished with permission.

The Fiji National Provident Fund has released $5.33 million in flood assistance funds to 6351 members in the aftermath of two recently devastating cyclones that passed through the Fiji islands group.

Tropical Cyclone Josie and TC Keni brought torrential rain and strong winds, causing massive flooding in most parts of the Western Division and other low-lying areas around the country.

The FNPF had stepped in to offer affected members some relief through its natural disaster assistance initiative.

In a statement, FNPF chief executive officer Jaoji Koroi said inspection of the worst affected areas had been completed.

He said inspection teams distributed 13,646 forms so far.

“We’ve shifted our focus to the processing of applications because most of the areas that were identified have been covered by our inspection teams,” he said.

“The teams have been conducting follow up visits since Tuesday to members who had missed out during the initial inspection in their respective areas.

“We continue to receive queries from members and we’ve taken note of the genuine cases while at the same time advising those who were not affected that this assistance is not for them.”

Koroi said FNPF assistance would also be extended to Kadavu next week, adding two teams would be in Vunisea, which had been identified as the worst affected area on the island.

“We encourage affected members in Kadavu to ensure that they are ready with all their requirements and provide these to our teams when they are there,” Koroi said.

The fund has been liaising with the Divisional Commissioners during the natural disaster response phase and continues to work closely with them as it provides the relevant assistance to its members living in the affected areas.

“Members are reminded again that the fund is a retirement savings scheme and withdrawals ultimately reduces their savings,” Koroi said.

Amalgamated Telecom Holdings Limited of Fiji has announced its purchase of Telecom Vanuatu Ltd.

The deal still needs the approval of the Vanuatu authorities, including the Telecommunication Regulator.

The agreement for the sale was signed by Mauritius Telecom Ltd and MT International Ventures PCC for the purchase of 100 percent of TVL.

ATH’s two largest shareholders are the Fiji National Provident Fund (58 percent) and the Fiji government (35 percent).

ATH owns Fiji’s national telco Telecom Fiji Limited and mobile network Vodafone Fiji, among other businesses.

Bob Makin writes for Vanuatu Daily Digest, which has just been relaunched as Vanuatu Digest, and other media.