FNPF low-balance withdrawal scheme to open from Monday

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Fiji National Provident Fund members aged between 50 and 54 years with balances of $10,000 or less and who have been unemployed for at least a year can withdraw all of it when applications open Monday.

Open to voluntary and compulsory members, the scheme is one of two latest COVID-19 relief initiatives offered by FNPF for members who are either unemployed or working reduced hours or reduced wage rate.

While the unemployment offering allows members to withdraw everything subsequently closing their accounts, the other only allows members to apply between $528 and $1,848 provided they have at least $563 in their general account.

Chief Executive Officer Viliame Vodonaivalu said the Fund continues to explore ways to assist or provide relief to members, within the scope of the FNPF Act 2011.

“The Fund is the main source of savings for many members and while the purpose of these savings is retirement – we are also mindful of the hardship many are facing during this challenging period,” Vodonaivalu said.

“The targeted relief that the Fund has provided since the pandemic started last year, are an extension of existing partial or early withdrawals allowed by law. the relief for unemployed members opened this week and we continue to stagger the activation of other relief measures to ensure the administration processes are ready. We are aware that our working members continue to receive reduced wages due to the cutbacks that businesses have enforced to help them cope. These members will be able to access funds from their General Account to help them during the relief period.”

Low Balance Withdrawal

Members can apply on the myFNPF App or they can email their completed application form and the required documents to Information@fnpf.com.fj

Member accounts will be closed once funds are withdrawn.

Phase 3

This is a six-month relief for members who are still employed and payments will be done in two equal instalments as per the payment timeline, according to when the application is received and approved.

Applications are to be submitted through the Employer Portal.

The full list of requirements will be available on the FNPF website and members can also contact us via telephone on 5857 or 3307811, email Information@fnpf.com.fj or the Fund’s social media pages.

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