Voluntary members can pay any amount as and when they wish, and members and/or employers can pay more than the mandated contribution, effective today after Fiji’s National Provident Fund removed contribution limits.
Confirming the move, FNPF acting chief executive Vili Vodonaivalu said this means that voluntary members can pay more than $200,000 annually. Members and/or employers can up theirs to 30% (comprising the mandated 10% ( of5% from members and 5% from employers) plus an additional 20%) provided it does not place an additional burden on the employees’ or members as provided under the Employee Regulations Act.
Vodonaivalu said the board made allowances for the removal of limits to provide members the opportunity to “add value” to their savings.”
Employers who continue to pay additional contributions for their employees, can claim 150% tax reduction, the FNPF said.
To date, the Fund has more than 22,000 registered voluntary members, with only 5,806 active contributors. A total of 12,050 employers and 5,708 members are currently paying additional contributions.