Starting from August 1, Fiji’s National Provident Fund will implement new measures, including immediate unemployment withdrawal, and elimination of financial proof for medical/education withdrawals, aimed to make it easier for members to access their funds without delay.
The changes Fund’s CEO Viliame Vodonaivalu says come on the back of continuous product development and research including feedback from members aimed at meeting members’ changing needs whilst staying true to its primary purpose of retirement savings.
The changes to the unemployment withdrawal scheme also allows members who are still unemployed and wish to apply for unemployment withdrawal again after 12 months from their last withdrawal (taken after March 2022) can do so without needing to find employment within the 6-month timeframe.
With regards to medical and education withdrawal, the requirement for members to provide evidence of their ability to pay the balance of medical and education fees, if their general account balance is less than 50% of the total fees balance, has been removed. In addition, insurance-covered members will receive higher coverage for incidental expenses related to medical and education withdrawals, up to $10,000 from $5,000.
“Policy changes are a result of continuous product development and research that our team conducts to ensure the benefits are progressive and inclusive,” Vodonaivalu said. “The Fund is aware of the ever changing needs of members and takes these into consideration when revising our policies, keeping in mind the primary purpose of their savings, which is retirement.”